On 7 July 2018, the Federal Board of Revenue (FBR) approved an extension in tax amnesty scheme till 31 July 2018. Previously an ordinance was sent to the president of Pakistan for approval of the extension.
The deadline for filing amnesty declarations was 30 June 2018, however, during last week a large number of representations have been received from trade bodies, professional associations and general public for extending the closing date due to short operational period after clearing legal and procedural challenges. The extension was also needed to remove ambiguities through clarifications and explanations required to provide certainty to the general public and to ensure effective implementation of the schemes.
The Finance Minister recommended extension of the cut-off date for availing amnesty schemes as there has been an overwhelming demand and response which is on the rise, it said.
The date has been extended by one month to enable general pubic to file declarations for undeclared foreign assets and undeclared domestic assets and income and thereby get their tax affairs in order.
It will also help the government in bringing undocumented persons, assets and income into the documented sector, the statement said adding depending on flows, the schemes have potential to bring in macroeconomic and fiscal stability in the economy.
