Karachi: The laws regarding asset declaration by overseas and local Pakistanis have been amended by The State Bank of Pakistan, according to a news source. These laws involve declaring hidden assets and paying a nominal fee to declare them legally. Such measures have been taken to bring money back into the country.
The amendment made is to the Foreign Assets (Declaration and Repatriation) Act 2018, and has simplified the procedure for overseas Pakistanis to repatriate their assets and deposit taxes. This allows them to pay the required taxes under the amnesty scheme, and transfer their liquid assets in dollars through their family members’ accounts, using proper banking channels.
