Taxation
Tax amnesty scheme: Pakistanis in UAE top among beneficiaries
Pakistani nationals being United Arab Emirates (UAE) residents have made to the top position in the list of people who have filed the details of their assets under foreign tax amnesty scheme. Pakistani nationals from various countries filed their assets, some of the countries includes UK, Switzerland, USA, Canada, Singapore etc.
According to details, 5363 people have availed the foreign tax amnesty scheme and 77846 have availed the domestic amnesty scheme. According to the statement of Rukhsana Yasmeen, Chairperson Federal Board of Revenue (FBR), around Rs 2.5 trillion is whitened in the semblance of the tax amnesty scheme. Pakistan has obtained around $366 million cash proceeds in the name of offshore tax amnesty scheme.
Furthermore, in some time FBR will be sending tax notices to a number of declarants who have failed to pay the outstanding amount and now a full penalty amount of 35% tax will be charged on their assets, a private television channel reported on Friday.
