The Federal Board of Revenue (FBR) in Pakistan issued a stern warning on Tuesday, stating that it would invoke provisions related to concealed assets if declarants under the amnesty scheme failed to pay their outstanding dues by June 30, 2020.
The reminder, released by the FBR, emphasizes the significance of meeting the specified deadline for the settlement of outstanding taxes and default surcharges.
Taxpayers who availed themselves of the Amnesty Declaration Act 2019, as subsequently amended, are reminded of their obligation to clear any outstanding payments by the stipulated deadline of June 30, 2020. The FBR explicitly outlined the consequences of non-compliance, stating that if the tax and default surcharge are not paid by the due date, the declaration filed under the scheme would become void. Moreover, any tax and default surcharge that had been paid would not be refunded.
In addition to rendering the declaration void, the FBR warned that it would initiate proceedings for undisclosed assets, expenditures, and sales. Such proceedings could result in the imposition of taxes and penalties amounting to 80 percent of the value of assets. The repercussions may extend to actions under various other laws, reinforcing the gravity of the situation for those who fail to meet their financial obligations under the amnesty scheme.
The FBR’s proactive stance is aimed at ensuring compliance with the terms of the amnesty scheme and preventing any misuse of the provisions granted to declarants. The warning serves as a clear signal that the FBR is prepared to take stringent measures against those who do not fulfill their financial commitments within the specified timeframe.
It is important to note that the FBR, in its statement, unequivocally clarified that the due date for payment under the Amnesty Scheme would not be extended. This firm stance is consistent with the need to maintain the integrity and effectiveness of the amnesty scheme, which was designed to encourage the disclosure of concealed assets and the regularization of financial affairs.
As the deadline approaches, individuals who have availed themselves of the amnesty scheme are urged to promptly settle any outstanding tax liabilities and default surcharges to avoid the serious consequences outlined by the FBR. The transparency and accountability associated with such initiatives are crucial for fostering a culture of tax compliance and financial responsibility.
The FBR’s warning is a reminder of the legal and financial implications for those who choose not to comply with the provisions of the amnesty scheme. It reinforces the government’s commitment to enforcing tax regulations and ensuring that individuals fulfill their obligations in contributing to the country’s fiscal well-being.
