Connect with us

South Asia

Disclose Assets or Face Imprisonment: Pakistan Warns Its Expatriates



Pakistani citizens living in the United Arab Emirates (UAE) were warned by Islamabad to reveal their ‘hidden’ assets by June 30 to avoid penalties and imprisonment. All Pakistanis are required to declare their concealed assets under the new tax amnesty scheme called the Assets Declaration Scheme launched by the PTI government on May 15.

Saudi Arabia To Decide Fate of Pakistan at FATF in October Meet

Although overseas Pakistanis are exempted from paying any taxes on their income abroad, they are required to declare their assets if they cannot prove that they were bought with legal resources.

They will also have to declare all their assets, including properties, businesses and bank accounts they have in Pakistan if they are generating income from them. The wealth that remains undeclared after the deadline would be confiscated and defaulters could also face prison time, Gulf News reported.

“If overseas Pakistanis can prove that the property they own in Pakistan was bought with legally remitted money or the bank account they have in any Pakistani bank has money sent through legal banking channels, they do not need to worry as they are exempted from declaring them and they do not need to pay any taxes,” Dr Mohammad Ashfaq Ahmad, Director General (International Taxes) at the Federal Board of Revenue, told the Pakistani diaspora at the Pakistan Consulate General in Dubai.

The FBR official reportedly handled harsh questions from the community members tactfully. Many of them raised the concern that they do not have proof of all their money remitted to Pakistan and hence they are unable to proof the money trail despite the fact that they have been living abroad for decades.

Dr Ashfaq said that bank accounts and properties whose ownership cannot be backed must be declared at all cost. “It would be your last chance to whiten your ‘hidden’ money and assets as there will be no more amnesty after June 30,” he added.

The FBR official said the government would freeze the undeclared accounts, and also impose heavy penalties on properties whose money trail cannot be traced. Violators may also face imprisonment of up to five years.

Emphasising the importance of the government’s offer, he said it is a golden chance to whiten money earned through unknown sources “as there is now no hiding place in the world and there are no tax havens.”

Currently, more than 28 countries including the UAE exchange information with Pakistan regarding assets, said Dr Ashfaq, adding that the government would sign agreements with 72 more countries this and then extend it to 104 countries next year. “It means no one can hide wealth anywhere in the world.”

He, however, advised the expatriates to launch a complaint with the FBR in case they are harassed by any government official in Pakistan.

This article originally appeared in Gulf News




Americas2 hours ago

What Is US’ Most Lethal Submarine Killer – The P-8 Poseidon Doing On India-China Border At 15,000 Feet?

US-made Boeing P-8I Poseidon maritime patrol aircraft, also known as ‘Submarine Killer’, has been deployed in Eastern Ladakh near the...

Featured2 hours ago

Indian BrahMos Goes Global; After Indonesia, Brazil Looks To Arms Its Gripen Jets With Indo-Russian Missile

The BrahMos-NG is intended to be a mini-version of the existing BrahMos, being lighter and shorter while still having a...

CHINA-amphibious-aircraft-AG600 CHINA-amphibious-aircraft-AG600
Asia Pacific3 hours ago

Seaplanes Set To Make A Comeback As China Threatens The US With Its Amphibious ‘Fish Dragon’

Decades ago, seaplanes proved their might during World War I for surveillance and reconnaissance. Not just that, seaplanes were later...

eurasian times eurasian times
Featured4 hours ago

Top Iranian Nuclear Scientist Assassinated Near Tehran; Fingers Raised Towards Mossad

A senior scientist linked to the Iranian nuclear program, Mohsen Fakhrizadeh-Mahabadi, was assassinated in Damavand, east of Tehran on Friday,...

indian-air-force indian-air-force
Featured7 hours ago

Third Indian MiG-29 Crashes In A Year – Is It Time To Bid Adieu To Russian Jets & Welcome Western Fighters?

The Indian Navy said on Friday that a MiG-29K trainer aircraft had crashed in the Arabian Sea around 5 pm...

Featured8 hours ago

Modi’s Trillion Dollar Baby: India Bets Big On Its Largest Govt-Funded Project – The Bullet Train

India is gearing up to build its first bullet train corridor covering 508 kilometers between Mumbai and Ahemdabad. The National...

india-russia india-russia
EurAsian Region9 hours ago

India, Russia To Showcase Their Naval Might In Joint Drills In Baltic Sea

The Russian and Indian navies are likely to conduct joint drills in the Baltic Sea sometime next year, according to...

Pakistani-Passport Pakistani-Passport
Featured11 hours ago

UAE Visa Ban Starts To Pinch Pakistan; 3000 Jobs Lost In First Week As Indian Workers Rejoice

OPED By Haider Abbas

Bubonic Plague Bubonic Plague
Americas13 hours ago

As China Slips In The Covid-19 Vaccine Race, Will Russia Eclipse The US & UK To Get The 1st Shot Out?

As the world continues to battle Covid-19, a study on the efficacy of Chinese Sinovac Biotech’s vaccine, published in the...

Featured13 hours ago

#LoveJihad: Democratic India Plans To Combat ‘Love Jihad’ In An Attempt To Control Interfaith Marriages

Hindu right-wing has coined the term “love jihad”, to describe the marriage of a Hindu girl to a Muslim boy....