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FBR Assets Declaration Ordinance 2019 Last Chance foreign Undeclared benami assets

Revenue Division

Federal Board of Revenue

Government of Pakistan

Last Date June 30, 2019

All Pakistanis except holders of public office and their family members.

Cases where ordinance is not applicable

• To holders of public office during last 10 years;

• Assets and proceeds acquired by committing a criminal offence;

• Gold and precious jewels;

• Bearer prize bonds;

• Bearer securities, shares, l| bonds and other bearer assets; I I

• Cases pending with High Court I I and Supreme Court. I I

 

FBR Assets Declaration Ordinance 2019 Last Chance foreign Undeclared benami assets

Penalties and Legal Action under Benami Assets Law

7 years imprisonment and confiscation of assets/properties
Identification of Benami Assets

Details acquired from 26 countries; 150,000 foreign cases identified for legal proceedings
Relaxation in Payment Deadline

Payment of tax on declared assets/expenditures/sales tax along with default surcharge can be made by June 30, 2020
• 4% of fair value of all assets except domestic real estate;

• 4% on all undisclosed assets/expenditure;

• 1.5% of the fair market value of domestic real estate (not less than 150% of the FBR Value);

• 2% on undeclared sales pertaining to Sales Tax and Federal Excise Duty law;

• 6% if foreign assets are not repatriated

For more information please visit: www.fbr.gov.pk

HELPLINE

www.fbr.gov.pk

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