FBR asks jewelers to avail amnesty for undeclared assets

KARACHI: Federal Board of Revenue (FBR) has asked jewelers to declare their concealed assets by June 30 otherwise possessing black money or undocumented money will face harsh action.

The members of gems and jewelers association met senior tax officials at Regional Tax Office (RTO) – II Karachi on Tuesday related to ongoing tax amnesty scheme, sources told PkRevenue.com.

The tax officials apprised the businessmen to avail the scheme and declare their cash, assets and sales through the asset declaration scheme.

The members of gems and jewelers have been informed that the FBR had sufficient information about the undocumented gold availability in the market.

FBR sources said that the authorities had complied data of imported gold and subsequent export of jewelry.

The sources said that the import of gold was regulated through import policy order 2016 and exporters of jewelry had been allowed the import as per requirements.

However, it has been observed that this facility was grossly misused and large quantity of gold was being exported / smuggled to India, the sources added.

The FBR is set to launch mega crackdown against jewelers from next month after the conclusion of the amnesty scheme.

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