:salam2:
Good opportunity to declare assets. Means to do all black into white without asking from where you got all black. Will people care to declare their black assets to convert them into legal i.e., white? Here is some interesting FAQ and link is provided below for all questions/quries:-
Whether undisclosed income can be declared?
Assets Declaration Ordinance, 2019 is primarily for the purpose of declaration of undisclosed assets as reflected in the tax year 2018. Income up to the tax year 2018 will be reflected either as undisclosed asset or undisclosed expenditure. Any income subsequent to tax year 2018 is not covered under the scheme.
What kinds of assets can be declared?
Any undisclosed assets can be declared except the following:
(a) Any proceeds or assets that are involved in or derived from the commission of a criminal offence;
(b) Gold and precious stones;
(c) Bearer prize bonds;
(d) Bearer securities, shares, certificates, bonds or any other bearer assets.
(e) Any undisclosed assets / undisclosed expenditures on which proceedings are pending in High Court or Supreme Court;
(f) Cash in hand (local or foreign) except that which is deposited in the bank account in the manner laid down in the scheme.
I have an undisclosed open plot, cost of acquisition of which is Rs. 10 million, however, the FBR value is Rs. 7.5 million and DC value is Rs. 7 million. At what value the plot will be declared as per the Ordinance?
The plot shall be declared at 150% of FBR value which will be equal to Rs. 11.25 million.
**I want to declare my foreign assets in the scheme and pay tax. Will my future earnings from these assets be exempted too? **
Under the income tax law in Pakistan, world income of a person is taxable in Pakistan subject to the condition that the person is tax resident in Pakistan.
Source:http://download1.fbr.gov.pk/Docs/201972147230169FAQ2July2019.pdf
Source: Assets Declaration Scheme 2019 - Federal Board Of Revenue Government Of Pakistan