Declared Difference Between Two Amnesty Schemes

Declared Difference Between Two Amnesty Schemes Is Rs:1M

ISLAMABAD: The FBR has so far obtained 94,206 returns under new amnesty scheme with a deposited tax amount of Rs42 billion which shows an average of PRs 0.4 million of taxes per return paid up.

The most recent amnesty introduced under the PML-N regime received a total of 82,889 declarations of RS124.8 billion of tax with payment, showing that the average amount of tax paid on the individual declaration in the national kitty was around RS1.4 million.

“Although, the fresh amnesty has so far attracted more declarations than the past amnesty on average per declaration paid up tax amount declined by Rs1 million,”

When reputable chartered accountant and tax specialist Ashfaq Tola was interviewed on Monday for remarks, he said the recent amnesty attracted more statements as new filers had made use of it and would contribute towards the goal of documentation.

He said that the last amnesty received more revenue from taxation since it was used mainly by those who stated that they were regularized by the majority of property and revenue. He said that most of the overseas declarations had used this scheme to whiten their assets.

Another representative said that the complete number of filers had entered the country's history for the first time and showed that those who used amnesty had come to the tax net.

The most recently implemented amnesty scheme at the turn of the PML-N lead government in 2018 saw Rs124,8 billion in Rs2.5 black assets and revenues turned into whitening assets and income. In June 2018, the FBR received a total of Rs 124.8 billion, while in July 2018 the remaining Rs 35 billion was collected.

Within the final tax amnesty scheme for whitening of Rs2,500 billion, the state received 82,889 declarations, out of which Rs1,040 billion in foreign assets and Rs1460 billion in domestic assets were made part of the country's official economy.

FBR received 5,929 foreign and 76,960 national statements out of 82,889 complete statements. The last system of amnesty was in foreign currency of $436 million.

The federal board has, meanwhile, clarified that, because Parliament is not in a session, the latest filing date for declarations of assets under the Assets Declaration Scheme was expanded by a presidential order up to 3 July, The last deadline being expanded also extends the retention conditions for money, overseas exchange and non-repatriated liquid assets until 3 July 2019. All such declarants are therefore needed by 3 July 2019 to hold money on their bank accounts.

The 2019 Asset Declaration Ordinance was integrated as Section 17 of the Finance Act of 2019, in accordance with the declaration given here Monday. In accordance with Article 8 of the Asset Declaration Act (2019), the requirement for a cash declaration should be placed on the bank account of the declarant and retained in the bank account by the 30th of June 2019.

Similarly, in a foreign exchange declaration, such foreign exchange was to be deposited into the declarant's foreign exchange account and was to be retained on the declarant's current account until 30 June 2019. A deposit on the declarer's overseas bank account was needed on or before 30th of June, 2019 of overseas liquid assets that were not repatriated to Pakistan.