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Only 4% of $6b overseas assets declared under tax amnesty scheme

Only 4% of $6b overseas assets declared under tax amnesty scheme

ISLAMABAD: Despite all claims by the tax authority, the amnesty scheme could attract only 4 percent of around $6 billion assets held overseas by the Pakistanis.

According to the State Bank of Pakistan (SBP) data, initial estimates for April 10th to June 30th reveal Pakistanis paid $290 million in taxes on nearly $6 billion of declared assets.

The central bank said liquid assets repatriated to Pakistan stood around $30 million, significantly lesser than the 1 percent of conservative estimates of $3 billion.

The tax amnesty scheme was given a one-month extension till the 31st of July by the interim government to help improve the situation for the tax machinery and has received full support from the central bank.

Initial figures reveal in the first phase of tax amnesty scheme FBR claimed Rs35 billion ($290 million) of one-off taxes received under it.

Around Rs2.5 trillion of assets have been declared under the offshore and domestic tax amnesty scheme and around Rs75 billion in taxes were paid, leaving aside the Payment Slip ID’s. And the initial outcome of the offshore tax amnesty scheme reveals that bulk of the assets were declared under the domestic tax amnesty scheme.