FBR introduces portal

KARACHI: The Federal Board of Revenue (FBR) on Thursday introduced a portal for online declaration of foreign and domestic assets under recently announced amnesty scheme.

The declarations have been offered for three different ordinances promulgated by the president on April 8. The ordinances included Voluntary Declaration Domestic Assets Ordinance, 2018; Foreign Assets (Declaration and Repatriation) Ordinance, 2018; and Income Tax (Amendment) Ordinance, 2018.

The revenue body said people wanted to avail tax amnesty will require to get registered first. The FBR required basic information about the persons for completing the registration process.

The government has offered amnesty schemes for undeclared domestic and foreign assets to document the economy and generate sizeable revenue for the national exchequer.

The persons can submit their online declaration along with two percent and five percent tax payment for undocumented foreign currency deposits in domestic banks or foreign currency invested in government securities or local undeclared assets.

Similarly, Pakistanis having undeclared foreign assets or cash deposited in foreign banks can declare online with the payment of two percent, three percent and five percent.

The portal for online declaration of domestic and foreign assets under the amnesty scheme would remain operative till June 30, 2018.