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People should declare undisclosed assets by 30th: FBR

The Federal Board of Revenue (FBR) has reiterated that the closing date for the Assets Declaration Scheme is 30th June 2019.

The FBR has advised people intending to avail this scheme to ensure that reliable data regarding undeclared and undisclosed assets and expenditure is available with FBR before 30th.

According to an FBR statement, the data of industrial and commercial gas and electricity consumers has been procured from various distribution companies to identify the people who are chargeable to tax but have not been paying their dues.

“There is complete cooperation between the banks and the FBR on the availability of data regarding withholding taxes and other relevant information, especially with regard to non-filers.

“FBR, in collaboration with NADRA, is providing access to the concerned people (confidentially) for the transactions undertaken in the past. This data will be available through secure channels from NADRA on demand, subject to a certain fee.”

The FBR said, “It is planned that bearer certificates such as bearer prize bonds will be converted into registered prize bonds over a period of time as specified by the State Bank of Pakistan in coming months.

“FBR is in contact with the land record authorities and relevant district collectors with regard to shops and establishments in order to identify the business establishments within their respective areas.

“Administrative setup is being placed to make the Benami Law fully operational by July 1, 2019.”

In the light of the aforesaid points, the FBR said, “It is advised that the concessions and benefits laid down in the scheme be availed. Furthermore, in the Finance Bill 2019, it has been further reassured that no proceedings will be initiated against people who declare their assets under the Assets Declaration Scheme and complete confidentiality shall be maintained with respect to assets declared in this scheme.”

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