FBR updates exchange rates for late payment by amnesty declarants

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday updated daily exchange rates at Rs158.13 to the dollar for payment of taxes under Asset Declaration Scheme 2019 for those persons, who filed their declarations but failed to pay by due date.

The Asset Declaration Scheme 2019 was announced for around one month and it was expired on June 30, 2019. However, the government extended the date for three more days i.e. July 03, 2019 till the office working hours.

The individuals/companies availed the amnesty scheme by due date were required to pay on the prescribed rates.

The rate of taxes for undisclosed assets, sales or expenditures prescribed within due date as:

01. All assets except domestic immovable properties: 4 percent

02. Domestic immovable properties: 1.5 percent

03. Foreign liquid assets not repatriated: 6 percent

04. unexplained expenditure: 4 percent

05. undisclosed sales: 2 percent

However, the declarants have been allowed to make payment beyond the time limit of the scheme with additional default surcharge at the following rates:

01. If the tax is paid after June 30, 2019 and on or before September 30, 2019: 10 percent of the tax amount

02. If the tax is paid after September 30, 2019 and on or before December 31, 2019: 20 percent of the tax amount

03. If the tax is paid after December 31, 2019 and on or before March 31, 2020: 30 percent of the tax amount

04. If the tax is paid after March 31, 2020 and on or before June 2020: 40 percent of the tax amount.

The FBR is issuing exchange rate for the facilitation of the persons avail and filed their declarations up to July 03, 2019 to make payment with default surcharge.

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