ISLAMABAD: The Federal Board of Revenue (FBR) on Monday explained that thelast date of filing declaration under the Assets Declaration Scheme hadbeen extended through a presidential ordinance up to July 3 because theParliament is not in session.
“As the last date is now extended, the condition of retaining cash, foreigncurrency and liquid assets not repatriated is also extended till July 3.Hence, all such declarants are required to retain cash in their bankaccounts till July,03,” an FBR press release said.
The Assets Declaration Ordinance, 2019 has been incorporated as section 17of the Finance Act, 2019.
As per section 8 of the Assets Declaration Act, 2019, the condition todeclare cash was to deposit such cash in the declarant’s bank account andto retain it in the bank account up to the 30th day of June, 2019.
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Similar condition exists in case of declaration of foreign currency thatsuch foreign currency is to be deposited in the declarant’s foreigncurrency account and is retained in such account till the 30th day of June,2019.
Foreign liquid assets not repatriated into Pakistan are required to bedeposited in the declarer’s foreign bank account on or before June, 302019, the statement added.
