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




EurAsian Region2 hours ago

Russia, China, Pakistan, Iran Start One Of World’s Most Fiercest Military Drills

Russia launched a major military drill on Monday, involving almost 80,000 servicemen. Kavkaz-2020 (Caucasus-2020) is the final stage of annual...

army-soldiers army-soldiers
Featured2 hours ago

Can India’s Indigenous ‘Lightest Bullet Proof Jacket’ Be A Saviour At LAC Against China?

India has successfully developed an armour jacket for security personnel that is capable of protecting against bullets of different threat...

Chinese-Military-Base-Australia Chinese-Military-Base-Australia
Asia Pacific3 hours ago

China’s 3rd Aircraft Carrier Makes ‘Significant Progress’ Amid Conflict With India, Taiwan

China’s second indigenous aircraft carrier and the third in its fleet, the second Type 002’s construction details have surfaced over...

India-Pakistan ties India-Pakistan ties
Featured3 hours ago

Pakistan Rejects Nomination Of ‘Senior’ Indian Diplomat

Pakistan has rejected the nomination of an Indian diplomat for the post of its Charge d’Affaires in Islamabad, terming him...

Putin-Trump Putin-Trump
EurAsian Region5 hours ago

Escorted By Su-35 Jets, Russian Strategic Bomber Tu-160 Breaks World Record

The Russian Tu-160 strategic bombers broke their own world record by taking a non-stop flight of 25 hours. The previous...

rafale-jets rafale-jets
Featured10 hours ago

Indian Rafale Jets, For The 1st Time, Conduct Sorties Over Ladakh

French-origin Dassault Rafale jets, for the first time known, have commenced conducting ‘familiarization’ sorties over Ladakh as tensions between two...

qatar-saudi qatar-saudi
Featured19 hours ago

Qatar Affirms Its Position On Israel-Palestine Issue; Says Ending Israeli Occupation A Must

Qatar on Sunday said it stands by Palestinians and that the long-standing conflict with Israel should be resolved by addressing...

F-15EX-india F-15EX-india
Featured1 day ago

No More Rafales! Why Indian Air Force Could Reject Second Batch Of Dassault Rafale Jets?

As the Indian Air Force (IAF) looks to further bolster its aerial fleet after the successful acquisition of French Dassault...

Americas1 day ago

US To Re-Impose Biting UN Sanctions On Iran Despite Global Objections

The US will reimpose biting UN sanctions on Iran that were removed as part of a 2015 nuclear pact struck...

Featured1 day ago

Not J-20s, China Could Field Another ‘Stealth Jet’ To Counter US’ F-35s, Indian Rafales

As tensions boil over Taiwan, the US and China have ramped up efforts in the field of defense innovation as...