More than 5, 000 people have filed their returns declaring their foreign assets and deposited a grand total of Rs 80 billion in taxes so far, as the Shahid Khaqan Abbasi’s brilliant amnesty scheme is set to end today.
It should be noted that the final amount will be much higher than Rs 80 billion as more funds are still being processed based on payment slips issued.
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A Karachi-based billionaire declares liquid assets of USD 1.25 billion outside of Pakistan
In the single largest amnesty declaration, a Karachi-based billionaire Habibullah Khan declared liquid asset of worth USD 1.25 billion (Rs 130 billion.)
Habibullah Khan declared that he is the founder and chairman of mega conglomerate – Mega and Forbes Group of Companies (Mega Group – MFG), a diversified conglomerate with business holdings.
He made his declaration under the tax amnesty scheme announced through an Ordinance on April 10, 2018.
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The deadline of the scheme is June 30
Federal Board of Revenue Pakistan (FBR) chairman Tariq Mahmood Pasha explained that through the amnesty scheme, businessmen can legalize their assets abroad or their assets invested in real estate by paying a rather small tax.
The scheme was launched by the Pakistan Muslim League-Nawaz government under Shahid Khaqan Abbasi and passed through parliament in a bid to boost the foreign exchange reserves as official foreign currency reserves with the State Bank of Pakistan (SBP) hover around the USD 10 billion mark, sufficient to finance barely two months of imports.
With June 30 the last day for the amnesty scheme, the media has reported that the FBR managed to raise 21 billion from the scheme under taxes until last week.
Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha has said the country could raise up to USD 4 billion through the amnesty scheme.