FBR is not ready to take action against Foreign Assets Holder from the next month after the expiration of Tax Amnesty Scheme.
Since the government has launched a Tax Amnesty scheme to bring people under the tax net if they haven’t declared their local and foreign assets earlier, by paying the minimum amount in taxes. The Tax Amnesty Scheme launched by the previous government of PML-N is due to end this month on August 1, 2018.
The FBR has decided to take strict action against foreign assets holder soon after the expiry date of Tax Amnesty Scheme 2018. However, it is not clear whether the next government will extend the duration of the scheme or not, but FBR is not looking forward to the extension, said an official while talking to The Nation.
The scheme was already extended previously and FBR was disappointed by the results of this scheme, the official said, we will recommend the next government to take strict action against non-taxpayers in order to broaden the tax base of the country.
Previously in June 2018, the FBR was hopeful to collect a considerable amount from the amnesty scheme launched. The FBR estimated Rs35 billion to be collected from amnesty schemes and Rs10 billion could be injected in the last 10 days of the current financial year. But FBR failed to meet the set target of revenues through Amnesty schemes.