Pakistan Investment Tax Amnesty Deadline Looms

by Lorys Charalambous, Tax-News.com, Cyprus

30 December 2008

The Federal Board of Revenue (FBR) in Pakistan has announced that there will be no extension to the December 31, 2008 deadline for the filing of returns under the investment tax amnesty announced in July this year.

In a statement issued on December 26, the FBR's member for Direct Taxes said that the board had decided not to extend the deadline for those wanting to apply for the scheme, whereby individuals can declare their undeclared assets and pay only 2% of the fair market value of their assets in tax.

The FBR also announced that there would be no extension for the e-filing of income tax returns for the corporate sector. Corporate income tax returns must be submitted using e-filing and the deadline will not be extended beyond December 31, 2008, the FBR confirmed.

The FBR urged early e-filing of returns by taxpayers to avoid any punitive measures being imposed.

The FBR warned that, after the deadline passes, it intends to track down those who it suspects still have undeclared income.

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