Karachi: The Federal Board of Revenue (FBR) has notified the procedure for taking tax credit of taxes paid under Tax Amnesty 2018, in cases where declaration was not filed, a news source reported. This is particularly for the benefit of more than three thousand people who had paid taxes under the amnesty scheme but hadn’t declared their assets.
Under Sections 5 and 6 of the Voluntary Declaration of Domestic Assets Act, 2018 and Foreign Assets (Declaration and Repatriation) Act, 2018 a declarant was required to file their declarations on FBR’s online portal by the extended due date of 31st July, 2018.
So, people who did not declare their assets can now have their taxes, paid under the amnesty scheme, adjusted against their tax liability for the tax year 2018. They will have to apply online on FBR’s web portal for the correction of their Computerised Payment Receipts according to the procedure circulated by FBR.
