Pakistan has extended the deadline for its tax amnesty scheme until July 3 — allowing more time for people to ‘whiten’ their undisclosed assets, including property and bank accounts.
Prime Minister Imran Khan’s Adviser on Finance, Dr Abdul Hafeez Shaikh, announced on Sunday that the deadline for the amnesty scheme, also known as as the Assets Declaration Scheme 2019, has been extended until July 3.
The grace period gives Pakistanis both living in the country and abroad — three more days to declare their undisclosed assets by paying applicable taxes.
The tax amnesty scheme, launched on May 15, was orginially scheduled to end on June 30, but there has been immense pressure especially from the business community and overseas Pakistanis to extend the deadline as they were confused about the scheme.
Dr Shaikh announced the much-expected decision during a press conference held in Islamabad. He was accompanied by Minister of State for Revenue, Hammad Azhar, and Federal Board of Revenue (FBR) Chairperson Shabbar Zaidi.
An expat Pakistani Zeshan Qureshi from Australia has compile this simple question for all expat. He can be contacted via his website http://qandqaccounting.com.au .
Pakistani Expat: What you need to know?
1. Please note that if you have spent 183 or more consecutive days outside of Pakistan, then you are non-resident (NRP) for tax purposes and not required to obtain tax file number (NTN).
2. But if you have a business/Investment in Pakistan which generates income in Pakistan, then only you need to obtain NTN. In such case you will be required to declare assets that were not disclosed before.
3. If you have sent money to a Pakistani account via proper legal channel and bought a property and the property is not earning any income then you don’t have to worry about Asset declaration.
Please note that asset declarations main focus is people living in Pakistan and having undisclosed assets. Currently 28 countries are sharing information with Government of Pakistan regarding overseas Pakistani’s assets and in 2019 another 72 countries will be part of the agreement. This will make it difficult to possess undisclosed assets in tax heavens. FBR has set up a complaints portal, if you have issue in dealing with FBR officer please use the complaint portal as below.