Abb Takk News

FBR Issues Forms to Declare Benami Assets

ISLAMABAD: The Federal Board of Revenue (FBR) has issued a form for the citizens to declare their benami assets under the government’s amnesty scheme announced a few days earlier.

According to details, the citizens can show their benami assets- local or in abroad- by paying various taxes till June 30.

FBR has uploaded the forms on web portal while showing the local assets there is need to give details of assets separately in the declaration form as a citizen can also show the details of their assets online as well.

Form carrying the separate columns of tax rate and tax payable for each category. For the showing of foreign benami accounts fours per cent tax will have to pay on the available wealth.

For the showing of foreign wealth in the form, only four per cent tax will have to pay while the value of assets will be more than 150 per cent as given by the FBR. The six per cent will have to pay on liquid assets which were shown and bringing back.

No penalty was paid on the payment of taxes of declaration of benami assets till June 30, 2019.