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Tax Amnesty Scheme Deadline To End Today Midnight

Islamabad (July 31, 2018): The Federal Board of Revenue (FBR) announced on Tuesday that the tax amnesty scheme will not be extended beyond midnight tonight (Tuesday).

The FBR has warned holders of undeclared local and foreign assets will face consequences if they do not declare assets after the expiry of the tax amnesty scheme.

According to Chairperson of the Federal Board of Revenue Rukhsana Yasmin, there is no possibility in further extension of the deadline.Tax Amnesty Scheme’s Date Will Not Be extended: FBRShe urged the public to avail this last and final chance to get their undeclared assets declared since today is the last day today to avail tax amnesty scheme.

Earlier on July 01, the federal cabinet approved an extension of 31 days in the tax amnesty scheme for those who wished to declare holding assets in and out of Pakistan with the revised date now being July 31, 2018.

President Mamnoon Hussain signed the ordinance confirming the 31-day extension in the tax amnesty scheme.

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According to sources at the Federal Board of Revenue (FBR), the body, as of June 30, received Rs68 billion from 55,000 people who benefitted through the scheme.

The FBR has warned that holders of undeclared local and foreign assets will face consequences if they do not declare assets after the tax amnesty scheme expires.

Earlier on April 05, then Prime Minister Shahid Khaqan Abbasi announced the amnesty scheme for those who are not paying income tax amid to increase tax base and revenue.

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Addressing a press conference in the federal capital he that the lower number of tax payers were causing problems, therefore the amnesty scheme was an effort to increase tax collection.

“The overseas Pakistani will only pay two percent penalty under amnesty scheme,” he said adding that the people who had foreign currency accounts can only pay five percent tax.

He also mentioned that the people who generate monthly income upto one hundred thousand will be exempted from tax.

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