LAHORE: Federal Board of Revenue (FBR) CRTO Zone II Commissioner Noreen Zahra has asked the holders of undeclared assets to avail the golden opportunity of declaring undeclared assets.
While addressing a meeting on Tuesday, Noreen Zahra said that the government has attained the data of all the undeclared assets in Pakistan and abroad.
“This is a golden opportunity and everyone who has made undeclared assets should declare them to legalise and whiten them. If the holders of the black assets wasted away the opportunity they certainly will have to face the consequences,” she said, adding that minimum seven years jail and fine may be imposed.
“The properties of the benami assets holders could also be confiscated. This time the government has come with complete data base and evasion of any tax is out of question,” the commissioner informed, urging the tax evaders to take benefit of the Assets Declaration Ordinance (ADO)-2019 for which the date has be extended up to July 3 during the office timings.
She said that the tax evaders could spend their lives with peace of mind and tranquility by declaring their undeclared assets. “The scheme has not only provided the tax evaders with rare opportunity of whitening assets but also becoming the respectable citizens of the country. Once the deadline July 3, 2019 ends, the tax evaders may have to face hard times ahead,” Zahra warned.
It is pertinent to mention here that the government in order to ensure equal distribution of wealth and document the economy fully has taken a number of measures, including launching the Assets Declaration Ordinance 2019. The government has voluntarily invited all the citizens to declare their undeclared assets on nominal tax rates.
Earlier, the FBR set the last date for declaring the Assets under ADO as June 30. However, the date was extended in order to enable maximum number of the people from the scheme. The date was then enhanced to July 3 which will end tomorrow. After that date, sources said that the government is going to come hard on the holders of the undeclared assets.
The sources said the undeclared assets will be seized and heavy fines and surcharges will be imposed on the tax evaders.