Karachi: The Federal Board of Revenue (FBR) expects significant tax collection under the amnesty scheme (expired last fiscal year) for local and foreign assets; since tax payments and penalties on this front can be submitted till June next year – a news source reported.
The taxation authority is expecting tax payment from individuals who have filed declarations of their assets but have yet to pay their taxes on a surcharge. The officials concerned hope it would be a significant addition to the overall revenue target set for collection during the fiscal year 2019-20.
The current government had introduced a tax amnesty scheme in May 2019 and the date for declaring assets under the scheme had expired on July 3, 2019. However, the declarants were allowed late payment with 10 percent default surcharge on total tax due by September 30, 2019.
The surcharge was raised to 20% for the period between September 30 and December 31. Between December 31 and June 30 the next year, the surcharge has been set at 40%.
