Islamabad: The federal government has shared details regarding the tax rates applicable on declaration of hidden assets under Asset Declaration Ordinance 2019, according to a news report. The tax percentage varies for declaration of hidden assets and expenditures and filling in the details under ‘hidden’ cells.
Those declaring their undeclared residential property will be required to pay a 1.5% tax of the property’s market value. The tax rate applicable on foreign liquid assets that haven’t been moved back to Pakistan is 6% of the asset’s value. Those who will not give a satisfactory explanation of their lavish expenditures will pay taxes worth 4% of the total value.
The percentage of payable taxes will increase if not paid by June 30, 2019. The above-mentioned tax ratio will increase by 10% if paid before September 30, 2019. On clearing due taxes between September 30 and December 31, 2019, the tax ratio increases by 20%. The percentage increases to 30% if paid between December 31, 2019 and March 31, 2020 and to 40% if cleared between March 31 and June 30, 2020.
