Assets Declaration Scheme expires today

FBR says all declarants are required to retain cash in their bank accounts till July 3

The amnesty scheme to declare assets under the Assets Declaration Scheme through a Presidential Ordinance ends today.

In a clarification statement, Federal Board of Revenue (FBR) said it includes the condition of retaining cash, foreign currency and liquid assets not repatriated.

It said all such declarants were required to retain cash in their bank accounts till Wednesday.



On June 30, just when an earlier deadline was going to expire, the federal government decided to give people relief and push their call to declare assets till the end of banking hours on July 3. Prime Minister Imran Khan had also hinted at the possibility of extending the deadline of the assets declaration scheme.

The announcement was made by Prime Minister’s Adviser on Finance Dr Hafeez Sheikh in a press conference in Islamabad.

“In view of the overwhelming response to the asset declaration scheme, the decision has been taken to extend the amnesty offer by three more days to facilitate the masses,” the adviser had said flanked by Information Adviser Firdous Ashiq Awan, State Minister for Revenue and Finance Hammad Azhar and Federal Board of Revenue (FBR) Chairman Shabbar Zaidi.



He also made an appeal to all citizens to take full advantage of the amnesty scheme and avoid any “difficulties in the future”.

The adviser said a “Benami Commission” was formed to probe the assets which had not been declared under the amnesty scheme which would start working after the scheme’s new deadline expires today.

In May this year, the government of Pakistan Tehreek-e-Insaf (PTI) had announced its first tax amnesty scheme for whitening of undisclosed expenditures, sales and assets, including foreign assets, at nominal tax rates which came into effect through a presidential ordinance.