Last two days to avail FBR tax amnesty scheme
June 29, 2018
ISLAMABAD: Two more days are left to file assets under the Federal Board of Revenue’s (FBR) tax amnesty scheme, which is effective till June 30.
The deadline to avail the tax amnesty scheme will not be extended, a spokesperson from FBR confirmed earlier today.
The deadline to avail the tax amnesty scheme was decided in the Finance Bill, and will not be extended under any circumstance. The FBR does not have the mandate to extend the deadline, the spokesperson elaborated.
According to sources privy to the matter, up to 45,000 people have availed the amnesty scheme until Thursday night. Around 22,000 individuals with local assets and 23,000 taxpayers who own assets abroad contacted the FBR till last night.
The tax authority has benefited from revenue worth up to Rs47 billion under the amnesty scheme so far, sources said.
Approximately Rs107 billion worth of challans have been prepared by individuals, and are expected to be credited to FBR’s account by today evening.
The maximum tax amount submitted by any individual stands at Rs550.4 million, a source said, adding that there is no truth to reports of maximum individual amount of Rs1.2 billion.
The tax amnesty scheme, announced by the PML-N government earlier this year, came into effect on April 10, 2018 and runs till June 30, 2018.
The scheme has been cited as an opportunity for people to file their local and foreign assets without facing any consequences.
The FBR has warned that holders of undeclared local and foreign assets will face dire consequences if they do not declare assets after expiry of the tax amnesty scheme.
