Declaration under this Ordinance shall be chargeable to tax at the following rates:
1- All assets except domestic immovable properties (4%)
2- Domestic immovable properties (1.5%)
3- Foreign liquid assets not repatriated (6%)
4- Unexplained expenditure (4%)
5- Undisclosed Sales (2%)
Conditions for declaration including repatriation
– Any cash held in Pakistan as declared under the Ordinance is required to be deposited in declarant’s bank account and to be retained upto June 30, 2019.
– The Ordinance does not require mandatory repatriation of foreign assets, however, foreign liquid assets not repatriated are required to be deposited in declarant’s foreign bank account on or before June 30, 2019.
– Foreign liquid assets repatriated are required to be deposited into declarant’s own bank account in Pakistan or invested into Pakistan Banao Certificate or any foreign currency denominated bonds, issued by the Federal Government.
We understand that the term “Foreign Liquid Assets” has to be construed as defined in the Previous Scheme; however, no enabling provision is available in the Ordinance.
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