Pakistanis Having Foreign Assets & Foreign Income Must File Tax Returns or Pay Penalty @2% |
FBR ( Federal Biard of Reveneue) has taken steps to take action against the Pakistanis having offshore assets / companies and undeclared foreign incomes and assets.
The LTU (Large Taxpayers Unit) informed to the media that proceedings against such Pakistanis on the basis of information available at the FBR, and those Pakistanis will be punishable under the tax laws of pakistan.
Under the current tax law, through finance act 2018, vide section 116A of the income tax ordinance 2001 added currently, whereas every Pakistani having foreign income and foreign assets above than Rs $10,000 and $100,000 respectively had to declare them in their tax returns now.
Previously, the tax law of pakistan was silent about the above application of foreign assets which now has been rectified.
Now all Pakistanis have to submit tax return of tax year 2019 as a consequence of above amendment in income tax ordinance 2001.
If a Pakistani having foreign assets and foreign income as per above given threshold fails to comply with the tax laws of pakistan and does not submit their tax returns then he or she will have to pay a penalty of 2% of the value of foreign income or assets or both.
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