Islamabad: The Tax Amnesty 2018 has helped contribute USD 120 million to the foreign exchange reserves of the central, according to a news report. Another USD 15 million have been added to the forex reserves of private banks.
After the addition, due to taxes and repatriation of assets, the State Bank’s forex reserves stand at 9.78 billion, while the reserves of commercial banks stand at USD 6.59 billion.
It has previously been reported that the people of Pakistan have declared assets worth more than PKR 1,200 billion under the Tax Amnesty Scheme 2018. As a result, the Federal Board of Revenue (FBR) has made recoveries of PKR 60 billion, as against the target of PKR 100 billion.