ISLAMABAD:Federal Cabinet has approved extension in tax amnesty schemes for declaration of foreign assets and domestic income and assets till July 31.
This has been put in effect through a Presidential Ordinance. The deadline for filing amnesty declarations passed on Saturday.
However, during the last week a large number of representations have been received from trade bodies, professional associations and general public for extending the closing date due to short operational period after clearing legal and procedural challenges.
The extension was also needed to remove ambiguities through clarifications and explanations and to ensure effective implementation of the schemes.
In addition, declarants of foreign assets faced problems in the payment of tax on foreign assets and repatriation of liquid assets.
The Finance Minister recommended extension of the cut-off date. The new deadline will help the government in bringing undocumented persons, assets and income into the documented sector.