Tax Amnesty 2018

Government of Pakistan announced two tax amnesty schemes, namely, Foreign Assets (Declaration and Repatriation) Ordinance, 2018 for undisclosed foreign assets and Voluntary Declaration of Domestic Assets ordinance, 2018 for undisclosed income and domestic assets.

The original closing date for filing declarations under the amnesty scheme was June 30th, 2018. It has been extended till July 31st, 2018 on demand from trade bodies, professional associations and general public due to short operational period after clearing legal and procedural challenges and problems faced by declarants in payments of tax on foreign assets and repatriation of liquid assets. Public response to the schemes has been positive. So far 55,225 declarations have been filed; declarants have paid Rs. 97 billion in addition US$ 40 million has been repatriated. 2-5% tax applies to foreign assets for liquid and immovable assets such as bank accounts, shares and mortgaged properties. Government has taken measures to protect declarants from any harassment under these schemes. Federal Board of Revenue has set-up helplines, which operate 24/7 with dedicated telephone lines and e-mails for quick response to queries. User Guide and all relevant documents have been published on FBR’s website (www.fbr.gov.pk).

Citizens of Pakistan interested to benefit from the amnesty schemes may apply before the closing date of filing declarations i.e. July 31st, 2018 and may contact at the following contact details.

Telephonic Help:  +92 51 9215105 (Availability: 24/7)
+92 51 111772772 (9 AM to 11 PM – Monday to Friday)

July 16th, 2018
Kuwait.