FBR warns of severe punishment for tax evasion

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ISLAMABAD: Federal Board of Revenue (FBR) has warned of severe penal action against tax evasion after expiration of tax amnesty scheme.
Member Taxpayer Audit FBR Ms. Nausheen Javaid Amjad has called on the people to make an optimal use of the ongoing Tax Amnesty which because of its low tax rates and legal protection from penalties and prosecution was the best scheme that could be rolled out to allow the people to declare their undisclosed income and assets in the country and abroad.
She made this statement while speaking to a large gathering of traders, businessmen and members and office-bearers of Sarhad Chamber of Commerce & Industry Peshawar, Women Chamber of Commerce & Industry Peshawar, Institute of Chartered Accountants of Pakistan, Tax Bar Association Peshawar and other business organizations in the provincial capital.
She said the scheme offered a golden opportunity to the people holding undeclared and undisclosed income and assets to declare them simply by paying a nominal 2% tax on declaration and repatriation of foreign assets, 3 % on declaration of immovable foreign assets and 5 % on declaration and non-repatriation of assets under the Foreign Assets (Declaration & Repatriation) Act, 2018 and Voluntary Declaration of Domestic Assets Act 2018 duly approved by the Parliament.
She said a positive response shown so far by the people to the Tax Amnesty was indicative of a desire among the people to become part of the tax system by declaring their income and assets without facing any hassle. “This should serve as a sign of encouragement to those who are still making up their mind to avail of the tax amnesty as once the amnesty ends, there could be legal repercussions for those who fail to benefit from it,” she said.
Ms Nausheen Amjad said the tax amnesty had already been extended for a month and there were no chances of its further extension. “I sincerely advise the people to make use of this amnesty in their own interest to declare their undisclosed assets as this window of opportunity would not last long and the people failing to avail it of would have to face detection under the new international regime for exchange of information, taxation at normal rates on declared foreign assets and income without any time limitation as well as penalty and prosecution in addition to tax on their undeclared assets and income,” she added.

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