Your address will show here +12 34 56 78
The Model Customs Collectorate (MCC), Preventive foiled an attempt to smuggle huge quantity of gold ornaments to Dubai at Jinnah International Airport (JIAP). According to details, credible information was received that some unscrupulous elements were planning to smuggle gold ornaments to UAE via air route.

Reacting on this information, the staff of MCC, Preventive mounted stiff vigilance at the international departure at JIAP. Resultantly, three passengers Tufail Junani, Sana Tufail and Farida Bano, who were travelling to Dubai and USA via Emirates airline flight no. EK 607 were intercepted.

During detailed examination of their luggage and personal search, the department has recovered 4.517 kilograms of gold ornaments worth Rs 31.17 million from their possession. The customs officials said that during initial course of investigations, it was revealed that gold in semi-finished form was being used to launder-money/assets. Consequent upon on recovery, case has been registered and all three accused persons were taken into custody. Further investigation was in progress.

Rental income originated from Dubai-based properties is declarable but not chargeable in Pakistan, said commissioner FBR. Speaking at an awareness seminar on Assets Declaration Ordinance (ADO), 2019, Maqsood Jahangir commissioner IR Zone VI, Corporate Regional Tax Office (CRTO), Karachi said that double taxation treaty overwrote the domestic law and the treaty between Pakistan and the UAE clearly stated that tax on rental income is charged by the country where income is originated hence rental income from Dubai-based properties are declarable but not chargeable in Pakistan.

Commissioner said that amnesty scheme is aimed at increasing direct tax and give final opportunity to the individuals to declare all undisclosed assets, expenditures and sales and added that the date would not be extended beyond June 30, 2019. He said that all immoveable properties, which were transferred on power of attorney, would be declared as Benami property under the ADO, 2019; adding that the objective for promulgation of the Ordinance was to allow inclusion of non-documented economy in taxation system and to promote economic revival and growth by encouraging tax compliance.

The awareness seminar was attended by chief commissioner Shafqat Ali Keher, chief commissioner IR CRTO, senior vice president FPCCI Mirza Ikhtiar Baig, Arshad Jamal, vice president FPCCI and others.

Needless to mention, this was the first time when the field formation of FBR is actively holding meetings with the individuals and representatives of different trade associations in order to encourage them to avail this opportunity besides offering free of cost consultancy through volunteers especially in Karachi to facilitate them declaring assets under ADO, 2019.

Tax experts were of the view that the amnesty scheme announced by the incumbent government was the most comprehensive scheme as compared to past schemes and FBR was making all preparations to initiate crackdown against non-filers, who remain unable to avail an opportunity to disclose benami assets on or before June 30, 2019 to avoid confiscation and imprisonment up to seven years.

Commissioner Inland Revenue Dr Irfa Iqbal enlightened that the “Assets Declaration Scheme 2019” aims to broaden tax base and mobilize resources. She expressed these views while inaugurating the seminar as part of the awareness campaign for “Assets Declaration Scheme 2019”.

Ceremony was organized by Zone-III, Corporate Regional Tax Office Lahore. Additional Commissioner Attique-ur-Rehman and Deputy Commissioner Sana Ghaus were also present on this occasion. While addressing the ceremony, Dr Irfa Iqbal said that the main objective of this scheme is to initiative measures for the documentations of concede assets against concessionary tax payment. Commissioner Inland Revenue highlighted the attendees about the merit of availing this scheme as well as its implications for the country at large. She also reiterated that people could declare their Benami Accounts and no action would be taken against them.

She explained that no proceedings will be initiated and their name would be confidentially maintained. Dr Irfa Iqbal explicated that people must avail Assets Declaration Scheme by June 30, 2019 as it is rear opportunity to give legal status to their undeclared assets. The scheme would also document the economy and bring debts assets into the economy. Another perspective presented by her that this scheme has realistic targets with low rates. Moreover, strict rules and regulations will be implemented after the deadline.

She said that the scope of this scheme is extended to Assets, Expenses and Sales. The rate of tax on all assets except domestic immoveable properties is 4%, domestic immoveable properties 1.5%, foreign liquid assets not repatriated 6%, unexplained expenditure 4% and undisclosed sales is 2%, she maintained.