KARACHI: The State Bank of Pakistan issued a notificationlink on Sunday relatedto the assets declaration scheme, according to which repatriation offoreign assets can be done through conversion of 10 currencies intoPakistani rupee.
The notification said that a taxpayer should declare the value of theirassets outside Pakistan on the Federal Board of Revenue web portal inrespective currency.
The system of the FBR will generate tax liability by the tax payer intoPakistani rupees and other two currencies.
The notification stated that the tax can be paid in US dollars and UAEDirhams under the exchange rate notified by the SBP.
The foreign assets can be declared online through the Pakistan BanaoCertificates. The certificates can be issued to those repatriating theirassets held outside Pakistan through banking channels.
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As per the notification, same method will be used to declare internalforeign exchange reserves.
The government earlier had announced Asset Declaration Scheme, providingone more opportunity to all Pakistani citizens to declare and legaliseundisclosed assets inside and outside the country by paying just four percent taxes on all assets other than real estate.
The scheme would be applicable till June 30, and all Pakistan citizens,other than those holding public offices or their dependents, would be ableto take benefit from it.
