Karachi Woman Declares $1.4bn Foreign Assets Under Amnesty Scheme

Posted on Posted inPakistan

JUL 17, 2018: A Karachi-based woman has become the highest taxpayer in Pakistan under the latest tax amnesty scheme.

According to local media, Karachi-based Maryam Ali paid Rs.3.3 billion rupees in taxes after she declared her foreign assets nrt worth at Rs.165 billion (US$1.38 billion @ $1=PKR120).

Public’s response to the amnesty scheme has been positive, as the Tax Amnesty Scheme has received 10 times more response as compared to previous schemes. However, Federal Board of Revenue (FBR) is still updating final figures of its beneficiaries and tax collected under this scheme launched on April 10.

So far $300 million as tax have been received under the Tax Amnesty Scheme launched, the State Bank of Pakistan (SBP) revealed. The amnesty scheme legalize undisclosed assets and income of Pakistanis held abroad and home by paying just 2 to 5% taxes.

The original closing date for filing declarations under the amnesty scheme was June 30, 2018, which has now been extended till July 31.

Pakistanis have approximately $150 billion assets abroad. Out of this, nearly $100 billion dollars are invested in real estate sector.

The Faisalabad Chamber of Commerce and industry President Shabbir Hussain Chawla said if government succeeds in bringing back half of the assets held abroad, it will help Pakistan to generate sufficient funds to meet domestic needs.

Meanwhile, the Federal Board of Revenue (FBR) has obtained information regarding immovable properties owned by Pakistanis in the United Kingdom (UK).

The information has been obtained with the assistance of Organization for Economic Cooperation and Development (OECD) and UK tax authorities, said FBR in a brief statement, adding that the information was being analyzed by the board for taking further action.

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