Over Rs100 billion deposited to exchequer under amnesty scheme
Islamabad (TP): As the government announced amnesty scheme to whiten the black money on foreign assets ends on Saturday (today), over 600 individuals reportedly filed returns on their assets, depositing over Rs100 billion in the national exchequer, helping the government to shore up its depleting reserves.
Sources in the Federal Board of Revenue told The Punch that the scheme has evoked an unprecedented response from individuals who have paid over Rs100 billion in taxes and more people were in the pipeline to pay taxes on their foreign assets to whiten it and bring back their assets after legalizing it through the amnesty scheme. The government had offered, under the amnesty scheme, to the people having assets in foreign countries to pay taxes ranging from two percent to five percent to decriminalize their chattels.
The amnesty scheme is going to expire on Saturday and the government could not extend the scheme under the terms and conditions.
According the sources in the FBR, a Karachi-based businessman has deposited Rs3.2 billion in taxes on the assets he possesses abroad and a woman from Peshawar, who also has foreign assets, has paid Rs1.2 billion. Another Karachi-based businessman has deposited Rs267 million on his foreign assets while over 600 people have paid taxes on their undeclared foreign assets.
The sources also said that the final cash deposit is expected to be higher that it was expected as more people were in the pipeline to pay taxes on their undeclared foreign assets to legalize it and transfer it to the country.