ISLAMABAD – The Federal Board of Revenue (FBR) has initiated disciplinaryaction against all those Pakistanis having immovable properties in Britain,and did not avail the Tax Amnesty Scheme, said chairperson of the board,Rukhsana Yasmeen.-

The chairperson said that the action was being taken against those Pakistanwho did not took advantage of the Tax Amnesty Scheme announced by thegovernment, which ended on July 31, according to FBR press statement issuedhere Monday.

She said that the FBR obtained information about Pakistani owners ofimmovable properties from Britain tax authority, Her Majesty’s Revenue andCustoms (HMRC).

It is pertinent to mention here that the previous government had announcedthis one-time amnesty to facilitate people in registration of theirundeclared assets and incomes both in and outside the country.

The schemes offered a golden opportunity to the people holding undeclaredand undisclosed income and assets to declare them simply by paying anominal 2pc tax on declaration and repatriation of foreign assets, 3pc ondeclaration of immovable foreign assets and 5pc on declaration andnon-repatriation of assets under the Foreign Assets (Declaration &Repatriation) Act, 2018 and Voluntary Declaration of Domestic Assets Act2018 duly approved by the Parliament.

Earlier, the government had fixed June 30 for declaration of assets whichwas then extended upto July 31.

The board had also launched a comprehensive awareness drive to sensitizepeople about the schemes as the top management of the board had conductedseminars in different cities to educate potential taxpayers to takeadvantage of this one-time facility.

The businessmen were briefed that this was the best opportunity to registerundeclared assets and they were informed that the automatic exchange ofinformation under the Organization for Economic Cooperation and Development(OECD) convention would start by October this year, which would enable thecountry to have access to the information of those Pakistanis having assetsabroad.

The board was having access to data through Organization of EconomicCooperation and Development (OECD) convention.

It has complete information about the particulars of Pakistani nationalswho have undeclared properties in United Kingdom, Dubai and othercountries. – APP