KARACHI: The Federal Board Revenue (FBR) has rejected a number of cases of disclosure by individuals under the ongoing amnesty scheme as their undeclared assets have already been exposed and audited by the department.
According to an official at Regional Tax Office (RTO) Karachi, the returns of income and asset statements filed under the amnesty by the individuals whose cases have been finalised for tax evasion will be treated as invalid returns.
The official, however, said a number of individuals and corporate entities have already availed amnesty scheme against the notices for unexplained income served by the FBR.
Officials said around 50,000 returns have already been filed under the amnesty scheme. Amnesty beneficiaries are required to separately file income and wealth statements for undisclosed foreign and domestic assets for the tax year 2018, they added.
At least two trillion rupees of assets have already been disclosed, while the FBR collected Rs80 to 100 billion as concessionary taxes.
In April, the last government announced amnesty scheme to enable individuals to declare their concealed local and foreign assets against two to five percent taxes.
The amnesty scheme was to expire on June 30, but the caretaker government extended the deadline to July 31. The date was extended through a presidential ordinance and some provisions in the earlier law were also amended.