Pakistan's Federal Board of Revenue (FBR) has announced that a tax amnesty scheme which commenced last month has been extended to include declarations in foreign currencies to encourage investors to come forward and declare assets held overseas.
The FBR announced last Friday that it had amended the tax amnesty scheme through circular No. 8 of 2008 to allow declarants of cash in foreign currencies to avail of the scheme.
Under the tax amnesty, which commenced on 1st July 2008, those with undeclared cash, investments and other personal and business assets may wipe the slate clean with the tax authority in return for paying a 2% "investment tax."
The amnesty is due to expire on 31st December, 2008, and applies to income accrued up to 30th June 2007. Those who have tax evasion cases pending before the department or a court are, however, excluded from the scheme.
It has been estimated that only 1.5% of Pakistan's population pay any form of income tax, and tax evasion has been a perennial problem for successive governments.
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