President signs ordinance approving 31-day extension in tax amnesty scheme

ISLAMABAD: The federal cabinet approved an extension of 31 days in the tax amnesty scheme for those who wished to declare holding assets in and out of Pakistan, Geo News reported Saturday night, with the revised date now being July 31, 2018.

President Mamnoon Hussain signed the ordinance confirming the 31-day extension in the tax amnesty scheme.

According to sources at the Federal Board of Revenue (FBR), the body, as of June 30, received Rs68 billion from 55,000 people who benefitted through the scheme.

Tax amnesty scheme to be extended until Sept 30: sources

According to FBR, up till now 51,000 people have benefited from the scheme and the board has received a payment of Rs65 billion

Earlier, sources had informed Geo News that the federal cabinet decided to extend the scheme after it was briefed the same day on the benefits of the scheme and that a presidential ordinance would then be issued.

Announced by the Pakistan Muslim League-Nawaz (PML-N) government earlier this year, the tax amnesty scheme came into effect on April 10, 2018. Accordingly, June 30 was supposed to be the last day to avail the scheme.

The scheme has been cited as an opportunity for people to file their local and foreign assets without facing any consequences.

The FBR has warned that holders of undeclared local and foreign assets will face consequences if they do not declare assets after the tax amnesty scheme expires.