Pakistan's amnesty scheme pulls in Rs 80 billion in tax

Nearly 5,000 people in Pakistan have filed returns declaring their foreign assets and deposited approximately Rs 80 billion in taxes so far, as the government's tax amnesty scheme is set to end today.

The final amount will be much higher as more funds are in the pipeline based on payment slips issued.

A Karachi-based billionaire, Habibullah Khan, has declared liquid assets of USD 1.25 billion outside of Pakistan in the single largest amnesty declaration in the country.

Khan is the Founder and Chairman of Mega Conglomerate Mega and Forbes Group of Companies (Mega Group MFG), a diversified conglomerate with business holdings.

Khan made his declaration under the tax amnesty scheme announced through an Ordinance on April 10, 2018.

Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha had explained that under the amnesty scheme businessmen who have kept their assets abroad or invested in real estate should legalise them through the scheme.

The deadline of the scheme is June 30.

The scheme was launched by the PML(N) Nawaz government and passed through parliament in a bid to boost the foreign exchange reserves as official foreign currency reserves with the State Bank of Pakistan (SBP) hover around the USD 10 billion mark, sufficient to finance barely two months of imports.

With June 30 the last day for the amnesty scheme, the media has reported that the FBR managed to raise 21 billion from the scheme under taxes until last week.

Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha has said the country could raise up to USD 4 billion through the amnesty scheme.