Foreign assets worth Rs. 1 trillion to be declared in current amnesty

The current tax amnesty, due to end 30th June, is expected to have Rs. 1 trillion declared with assets in United Arab Emirates (UAE) taking the lead. According to reports, Rs. 346 billion or nearly one third of total, has come from UAE, followed by Switzerland (Rs114.8 billion), UK (Rs89.7 billion), Singapore (Rs87.3 billion) and British Virgin Islands (Rs48.9 billion).

The response from UAE has been extraordinary so far, with UAE expats asking for further extension in deadline. On a bilateral arrangement, the UAE and Pakistan share full details of the property. Apart from UAE, the UK, Singapore and Canada are also taking great advantage of the tax amnesty scheme. This year’s scheme, which is expected to be the last call by government, has information from 71 countries as opposed to 28 countries last year.

Source: KhaleejTimes