ISLAMABAD: As the expiry date of the tax amnesty closes in, the government on Friday issued a stark warning to those owning and hiding ill-gotten wealth would have to face the music if they fail in declaring their assets.
While speaking at a press conference on Friday, Federal Board of Revenue (FBR) spokesperson Dr Muhammad Iqbal said taking into consideration asset declaration trends and assessment from tax experts and chartered accountants, money retrieved under the tax amnesty scheme could range between $3-4 billion, reported an English daily.
Mr Iqbal issuing a warning said those individuals who do not avail the benefits of this scheme should be ready to face dire ramifications and action in this regard.
In response to a query regarding the reaction of the Financial Action Task Force (FATF) to the amnesty scheme, the FBR spokesman said worries of FATD had been addressed.
He added input from the FATF was also sought during the drafting of the tax amnesty scheme whose worries were limited to money laundering.
While answering a question, he explicated crime proceeds couldn’t be legalized under the prevailing tax amnesty scheme, which was presently available to all Pakistani nationals except for public-office holders.
The FBR spokesman shared the response to the tax amnesty scheme had been overwhelming but said the last date of June 30th for declaring assets would not be extended.
He expressed optimism the scheme would bring various benefits, critically the inflow of foreign assets into Pakistan,
Mr Iqbal said if the scheme became successful, the balance of payments problem could be resolved and besides the tax regulator would collect tax on the declaration of assets held overseas.
When queried regarding cash depositing by Pakistani’s owning undeclared assets in the country, Mr Iqbal highlighted such individuals weren’t required to deposit cash to avail themselves of the scheme.
He emphasized the government’s focus to retrieve money stashed overseas by Pakistani’s, however they would not be permitted to legalize money by acquiring dollars from domestic kerb market.
Also, the FBR spokesman called upon real state investors to come forth and declare their assets willingly since they possessed the data after the conclusion of a survey conducted for mapping of properties.
