A lady from Karachi named Maryam Ali has become the biggest Taxpayer of Pakistan under Government’s Tax Amnesty Scheme 2018. Before that no one has paid so much money in Pakistan’s history. Maryam Ali has declared her total assets of Rs: 165 billion and paid a huge amount in Tax i.e. Rs: 3,300,000,000/- on them. Under the Tax Amnesty Scheme Pakistani nationals have so far declared assets worth Rs: 1.8 trillion in total paid a tax of Rs: 98 billion.
According to the Finance Minister of Pakistan, positive response of nation in Tax Amnesty Scheme since its launch in April 2018 is appreciable. Further, he said Public response to the schemes has been positive. So far, 55,225 declarations have been filed in which declared value of foreign assets is around Rs 577 billion and that of domestic assets is around Rs 1,192 billion. In addition, $40 million has been ousted. This response to the amnesty schemes has been unprecedented.
Tax Amnesty Scheme 2018
The scheme was presented by the outgoing PML-N Government at the end of its tenure. The previous government announced two schemes in total named Foreign Assets (Declaration and Repatriation) Ordinance, 2018 that were applicable on liquid as well as immovable assets. The first deadline to declare assets under the amnesty scheme was June 30th which was extended till 31st July 2018. A tax rate of 2% is applied to any foreign assets brought back to Pakistan while the rest are declared under 5% tax.
Federal Board of Revenue has set up dedicated helplines and emails to address the issues regarding the Tax Amnesty Scheme 2018. Tax in dollars on foreign assets will be deposited into State Bank of Pakistan’s account through the wire transfer.