SBP amends amnesty procedure

KARACHI: The State Bank of Pakistan (SBP) on Friday amended the procedure for deposit of tax against foreign assets under Assets Declaration Ordinance 2019.

“In partial modification of our notification no FD/1704/2498/2019 dated May 25, 2019, Para 5(ii) of the Procedure under section (9) of the Asset Declaration Ordinance, 2019 has been amended whereby, on the suggestion of stakeholders to facilitate the taxpayers, correspondent bank in United Arab Emirates (UAE) notified earlier has been changed,” the SBP’s notification said.

“The new correspondent bank in the UAE would be United Bank Limited, Dubai.”

The SBP, while describing method of conversion of value of foreign denominated assets into rupees said the asset held outside Pakistan and foreign currency held in Pakistan should be converted into rupee at such exchange rates as might be notified on daily basis by the SBP to Federal Board of Revenue (FBR) through dedicated email in respect of ten currencies ie AED, AUD, CAD, CHF, CNY, EUR, GBP, JPY, SAR, and USD.