Transfer of foreign assets required to be declared in annual return

ISLAMABAD: A person makes transaction or transfer of foreign assets during a tax year is required to declare the same in annual return. Officials in the Federal Board of Revenue (FBR) said that according to Income Tax Ordinance, 2001 a person having foreign assets or foreign income is required to file annual return of income […]

by Mrs. Anjum Shahnawaz

Return filing mandatory for Pakistanis having foreign assets

ISLAMABAD: Pakistanis having income and assets abroad are required to file annual income tax return under Section 114 of the Income Tax Ordinance, 2001. According to Section 114 of the Ordinance the return filing is mandatory for: “(x) is a resident person being an individual required to file foreign income and assets statement under section […]

by Mrs. Anjum Shahnawaz

Amnesty shows 91pc assets declarants are registered

ISLAMABAD: The Amnesty Scheme 2018 has shown the 91 percent tax dodgers, who availed the scheme for declaring undisclosed foreign assets were registered with tax department. According to presentation of the finance ministry on the previous tax amnesty scheme, the analysis showed around 6,195 persons availed the scheme to declare foreign assets. It revealed that […]

by Faisal Shahnawaz