ASSET DECLARATION SCHEME IN BRIEF
Who comes under this Scheme?
All persons covered under this Scheme except the following:
- Public Office holders, their spouses, dependents and benamindars
- Public Company ( as defined in section 2(47) of the Income Tax Ordinance)
What Assets are covered under this Scheme?
All Assets Covered under the Scheme Including:
- Benami Assets acquired and held on or before the Date of Declaration
- Undisclosed Assets – Pakistan & Abroad Acquired Up to 30th June 2018
- Undisclosed Sales & Expenditures made incurred Up to 30th June 2018
What Items are excluded from Amnesty Scheme?
- Assets, Sales & Expenditures where proceedings are pending in the court of law
- Assets, Sales & Expenditures where tax proceedings initiated have been finalized
- Assets / proceeds derived from Criminal Activities
- Gold & Precious Stones
- Bearer Assets Including Bearer Prize Bonds & other financial instruments
Mode & Manner to be used for Repatriation & Declaration of Assets held Outside Pakistan
- Cash & Foreign Currency are to be deposited in bank accounts and held up to 30th June 2019, or invested in Pakistan Banao Certificates or other FCY Government bond
- The State Bank of Pakistan has prescribed the mode & manner of repatriation of Assets held outside Pakistan and Payment of Tax thereon
What Else Should you know:
- No allowance, credits or deduction under any law for the time being in force shall be available for assets so incorporated.
- Where a declarant has made declaration under section 6, he shall be entitled to incorporate such assets, income or sales in his Income Tax Returns, wealth Statement and Books of Accounts.
- This Scheme is Valid until 30th June 2019
- Any tax or default surcharge paid under this Ordinance shall not be refundable.
- Declarations made under this scheme is not valid evidence for prosecution under any law
|CLASS OF UNDISCLOSED ASSET OR INCOME||VALUE OF ASSETS OR INCOME||TAX RATES|
|Domestic Immovable Property||150% of FBR Value or DC Value Which Ever is Higher||1.5%|
|Foreign Liquid Assets not Repatriated||Higher of Fair Market Value or Cost Translated at date of Declaration||6%|
|Foreign Liquid Assets Repatriated||Same as Above||4%|
|Unexplained Expenditures||Higher of Fair Market Value or Cost||4%|
|Other Assets both Domestic & Foreign||4%|
|Foreign Immovable Property||4%|
|Foreign currency held in Foreign currency account in Pakistan||4%|
|TIME OF PAYMENT||DEFAULT SURCHARGE|
|Up to 30 June 2019||0% Default Surcharge|
|01st July to 30th September 2019||10% of Tax Amount|
|01st October to 31st December 2019||20% of Tax Amount|
|01st January 2020 to 31st March 2020||30% of Tax Amount|
|01st April 2020 to 30th June 2020||40% of Tax Amount|
For further queries and assistance in filing asset declarations:
Phone: +92 300 0757533