ISLAMABAD – Pakistani nationals living in the United Arab Emirates (UAE)were warned on Tuesday to disclose their ‘hidden’ assets by June 30 toavoid penalties and imprisonment, Gulf News reportedlink.All Pakistanis are required to declare their concealed assets under the newtax amnesty scheme called the Assets Declaration Scheme launched by thePakistan Tehreek-e-Insaf (PTI) government on May 15.
Although overseas Pakistanis are exempted from paying any taxes on theirincome abroad, they are required to declare their assets if they cannotprove that they were bought with legal resources.
They will also have to declare all their assets, including properties,businesses and bank accounts they have in Pakistan if they are generatingincome from them.
The wealth that remains undeclared after the deadline would be confiscatedand defaulters could also face prison time.
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“If overseas Pakistanis can prove that the property they own in Pakistanwas bought with legally remitted money or the bank account they have in anyPakistani bank has money sent through legal banking channels, they do notneed to worry as they are exempted from declaring them and they do not needto pay any taxes,” Dr Mohammad Ashfaq Ahmad, Director General(International Taxes) at the Federal Board of Revenue, told the Pakistanidiaspora at the Pakistan Consulate General in Dubai.
