• Thursday, July 18, 2019

Pakistanis legalize Rs1 trillion foreign assets in amnesty scheme: report

Discussion in 'Pakistan Economy' started by Zibago, Jun 25, 2019.

  1. Zibago

    Zibago ELITE MEMBER

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    Pakistanis legalize Rs1 trillion foreign assets in amnesty scheme: report
    Web Desk On Jun 25, 2019

    DUBAI: Pakistan nationals have legalized their assets worth Rs1 trillion in foreign jurisdiction including Rs346 billion in the United Arab Emirates (UAE), highest in a foreign country, Khaleej Times said in a report.

    The assets whitened by Pakistanis in UAE, accounting for over one-third (34.5 per cent) of the total whitened foreign assets in the Assets Declaration Scheme, the paper said.

    Overseas Pakistanis have expressed their trust over the amnesty scheme launched by the PTI government.

    Switzerland with its Rs114.8 billion legalized assets was next highest to the UAE, the report said.

    While in the UK Rs89.7 billion, Singapore Rs87.3 billion and British Virgin Islands Rs48.9 billion assets were whitened, Director General for international tax at Federal Board of Revenue Dr. Muhammad Ashfaq Ahmed said in an interview with Khaleej Times.

    He said most of the foreign assets owned by the Pakistanis is parked here that’s why we chose this place to send the message to Pakistani nationals across the world that they have less than one week to benefit from tax amnesty and declare all their undeclared assets.

    “On a bilateral arrangement, the UAE and Pakistan share full details of the property. As far as bank details are concerned, they are shared automatically,” FBR official said.

    The purpose of the amnesty scheme, which will end on June 30, 2019, is to allow the non-documented economy’s inclusion in the taxation system to trigger economic revival and growth by encouraging a tax compliance in the economy, Ahmed had earlier said while addressing the community and media personnel in Dubai.

    He revealed that some reports indicated a massive informal economy, estimated to be around 80-90 per cent of the formal GDP.

    “Hence, the government decided to give a new lease of life to economy and introduced amnesty. All the overseas Pakistanis have to declare their earnings being generated in Pakistan and file tax returns,” he said.

    He said it is an era of transparency and developed countries have ended secrecy jurisdictions and developed a framework for sharing information of their residents’ assets in those countries.

    “Last year, Pakistan received information from 28 countries and UAE was one of them. This year, we are going to receive from 71 countries. In the next two to three years, the number could go beyond 100 countries with whom Pakistan will exchange this information,” he said.

    Comments
    https://arynews.tv/en/pakistanis-legalize-rs1-trillion-foreign-assets-amnesty-scheme-report/
     
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  2. Retired Troll

    Retired Troll ELITE MEMBER

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    #NRO
     
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  3. Yaseen1

    Yaseen1 SENIOR MEMBER

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    such schemes always help the powerful sitting in govt to legalise their black and looted wealth.Common public not benefit from such schemes
     
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  4. SSGcommandoPAK

    SSGcommandoPAK SENIOR MEMBER

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    1 trillion rupees = 10bn USD?
     
  5. war&peace

    war&peace ELITE MEMBER

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    So, almost $6.33 billion and still 5 days to go. I think it may double by that time.
     
    Last edited: Jun 25, 2019
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  6. Shane

    Shane SENIOR MEMBER

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    How much percentage% (3-5%?) of that will endup in GOP kitty?
     
  7. Retired Troll

    Retired Troll ELITE MEMBER

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    Loot and invest outside and wait for a spineless government to make it all halal again.

    this is a violation of human rights and should be challenged in the supreme court.
     
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  8. xyxmt

    xyxmt ELITE MEMBER

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    its taxed, not like Pakistanis are giving this money to Govt. so whatever that tax rate applies based on the size of individual holdings.
     
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  9. valkyr_96

    valkyr_96 FULL MEMBER

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    This is just declaration not the inflow. It does not benefit Pakistan anyway at least right now.
     
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  10. Pakistansdefender

    Pakistansdefender SENIOR MEMBER

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    Inshallah.
    Last week a bias media article even try to tarnish this .
    Look for Pakistan we should be one and stand above our politics.
     
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  11. Yaseen1

    Yaseen1 SENIOR MEMBER

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    after devaluation it is now much less than 10 billion usd and is approx equal to 1000/157= 6.36 billion usd
     
  12. Shane

    Shane SENIOR MEMBER

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    My question is wrt amnesty scheme percentage that applies here to those who disclose their undeclared wealth by paying certain nominal percentage of it to GOP.
     
  13. war&peace

    war&peace ELITE MEMBER

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    Now this is under the tax net so now you can say it has become a constant source of income for the govt. The people who won't declare their assets by June 30, they will go to the jail and their nameless properties will be confiscated.
     
    Last edited: Jun 25, 2019
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  14. xyxmt

    xyxmt ELITE MEMBER

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    "As per amnesty scheme, four per cent tax is applicable on all assets except domestic immovable properties; 1.5 per cent on domestic immovable properties; six per cent on foreign liquid assets not repatriated; four per cent on unexplained expenditure and two per cent on undisclosed sales.

    He said the rate of default surcharge on undisclosed assets, sales and expenditures will be 10 per cent in each quarter if they were declared after June 30, 2019 until June 30, 2020."
    https://www.khaleejtimes.com/intern...akistanis-to-declare-assets-to-end-on-june-30

    no one can give you exact figure but the govt once the tax is collected
     
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  15. T|/|T

    T|/|T FULL MEMBER

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    So in end whoever did corruption and money laundering are in advantage. They stole money and now they have clean chit.

    What kind of stupid system is this. Its like telling ppl that corruption is the best business.
    In pak do corruption of billions Rs and expand business. After a few yeats pay few million to NAB as plea bargain and all the rest of money is whitened. What a pathetic horrible system.
    In china the full amount of corruption money plus any more money earned with that corruption money plus fine plus jail time or death sentence.
     
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