Dear friends:
---Is there any relaxation, moneywise, for the expats pertaining to the asset declaration?
---Also percentage of fine if expats declare before the target date?
---Do all assets to be declared, such as agri land, village houses, DHAs & BTs properties and houses.
I am sure your valuable replies would be helpful for all expats/residents and shall be highly appreciated.
As per my understanding, this declaration of assets is for people who have built these assets beyond means; be it a Pakistani resident or NRP. In this case, if these persons have assets outside Pakistan are must to declare.
To me, this does not apply for people who never file tax returns and eventually never declared their legal assets just being scared of FBR. In this case, such people only need to start filing returns and show their assets in statement. When audited and asked for proofs, they should be able to provide proofs of means they bought these assets with.
These are my thoughts to it and other friends can rectify me if wrong.
@Abdul Qayyum, this is an excellent question to which I hope we will get many detailed replies. Also if anybody could advise if assets acquired in inheritance from deceased parents need to also be declared or not.
Thanks Mrpoet & Rauf for being concerned upon my query.
I am surprised the people who are showing, their abilities on political and national issues, as the ones ” Aasmaan ko thigrhi lagaane wale” keeping themselves dead silent on this vitally important question of every Pakistanis?
Cursing and cursing and cursing but no solution at all just competition of Gora’s language?
Sorry to friends who encourage the present government’s good steps in spite of right criticism on govt failures.
I respect with my deep heart for the friends who are maintaining balance in their comments.
---Gents, If I declare my assets which are made with justified money, shall I have to pay also xx% of fine on my declared assets?
---Same goes for my agri land declaration and plots investment?
Your much appreciated reply awaited?
Abdul Qayyum Sb,
Please check this page. It has answer to your questions directly from FBR website. Go through the FAQ first.
https://www.fbr.gov.pk/assets-declaration-scheme-2019/132009
Myself, if I ever have any such question, I call FBR hotline during working hours and request them to have me talk to FBR's legal team. They are surprisingly nice and cooperative and will provide you latest and updated information.
I recommend you should try that. Call in the mornings before lunch time to avoid rush.
If you still are not able to get answer, let me know and I will hook-you-up with a trained KHIDMAT-WALA who will take care of all your tax needs and questions.
Thanks very much JDM SB.
Had a worst experience once with FBR when I was in Pakistan serving an oil company.
Great surprise to hear that our organizations are turning towards good professional ethics.
Once again many thanks sir ,
Stay Blessed
Abdul Qayyum Sb.
Good or bad people everywhere. This finance bill also proposed strict punishments for such FBR employees.
After this budget FBR employees will have no choice but work as per the law. If they don't, report them on PM Complaint Portal immediately.
https://e.jang.com.pk/06-12-2019/pindi/pic.asp?picname=547.png
"After this budget FBR employees will have no choice but work as per the law. If they don't, report them on PM Complaint Portal immediately"
Does not that sound good, JDM sb?
Yet we say Imran govt is failure?
Now I have to tell our personal experience:
We are running a private water scheme in our village. Our scheme came under CPEC. We loaded a compliant on web portal. The very next day, the Project manager came to see our self manifested project, next couple of days, the assessment team came... Unfortunately the AC is "Patwari" and using delaying tactics...We made another complaint against commissioner and again actins are being taken.. At least some sort of system's foundation are being devised. We may not get money due to the corrupt system but at least doors of hope are opening.
Prays for IK govt to stay, the very last hope. In Shaa Allah our country will see good days.
@Abdul Qayyum bro
the suggestion of JDM for helpline is good. I myself tried many time that helpline of fbr and became filer with help of that helpline first time 5 years before and each time they replied in a positive way.
yes that help line is very busy and you have to make multiple tries. They will test your patience :-)
@li bro
Truth to be told. I was not a filer, my decision, good or bad, was based on the corrupt govts of N & Z.
Upon JDM sb advice, I asked my lawyer to make me a filer and I feel glad upon my decision.
Abdul Qayyum Sb,
I think FBR should further simplify filing of returns. Personal Income tax shouldn't require anymore than filling a post-card at a Post office.
2ndly, I personally think that Asset/Expense declaration is a useless exercise. They should rather document and have excess to all ownership data of Pakistan. But asking citizens to file every year is plain stupid and put extra burden on citizens.
It should be FBR's job to cross-check everyone's income and assets through electronic data warehouse. If they find any discrepancies only then call-in citizens for quick audit.
JDM sb.
A friend here telling me that these declarations are only for "Be-nami" assets.
Since we have everything on our names and did not hide anything, we shall not fill anything being expats or not expats?
Once again your kind comment, please?
It depends.
Having asset in your name is one thing. But if you never declared such in the tax year of actual date of acquisition of asset, than it is called "undeclared asset".
Normally if you try to declare after few years/decades it is considered "Late declaration" and you have to pay a penalty for omission/failure to declare. If you are a public office holder you can be disqualified for not declaring your asset in tax returns.
But if a private citizen take this amnesty he/she will not have to pay any penalty except what little is being asked in this Amnesty scheme.
BTW, public official are not eligible for this amnesty.
This is my personal assessment of the law. Please verify with FBR legal team.
Thanks sir
If I do get more than what is Already explained to me, I will post here
Stay Blessed, sir
Aameen
NRPs are not required to file income tax return nor wealth tax statement if they do not have income originated in Pakistan. This is what I understood from the FAQs mentioned under Amnesty Scheme 2019 on FBRs web site. Appreciate your comments and guidance of those who understand the taxation in Pakistan. Thanks
Anyone Who Remains in Pakistan for 90 Days Will Now Have to Pay Income Tax.
The government has changed the definition of a resident individual in the federal budget 2019-20.
Under the previous definition, a resident individual for a tax year was defined as a person who remained in Pakistan for a period of, or periods amounting in aggregate to, 183 days or more in the tax year or is an employee or official of the provincial or federal government posted abroad in the tax year.
This definition has been amended to include a person present in Pakistan for a period of, or periods amounting in aggregate to, 90 days or above in the tax year.
Moreover, a resident is defined as a person who has remained in Pakistan for a period of, or periods amounting in aggregate to, 365 days or more in the four years preceding the tax year.
(copied)
Did u know, you can file your own Asset Declaration or Income Tax Return from anywhere in the world, just visit this link and create a login.
iris.fbr.gov.pk
...
- Yes, you can file from anywhere in the world but if your IRIS account gets locked or have any technical issue, you will have to visit FBR office in order to prove your identity and get your credentials back. So be careful if you are using IRIS from outside Pakistan.
Dear All,
Let me ask in a simple way, if a NRP is having some properties in form of only plots in Pakistan but since they are only plots and cannot generate any income, does he/she still needs to declare this somewhere ?
If yes, then why to declare with FBR if the plots are anyway all under his /her name.
Secondly when he/she purchased paid tax on them and when will sell obviously will pay again taxes on them.
Please clarify.
Copied from FBR website :
33. A non-resident person owns immovable property only in Pakistan. Is he required
to file return?
As per section 115(3)(d) of ITO, a non-resident person is not required to file return of income
solely due to the reason that he owns immovable property.
34. Whether a non-resident person is required to file wealth statement?
As per section 116 of ITO, a non-resident individual is not required to file wealth statement.
However, the commissioner may issue notice to a non-resident person to file wealth
statement. In such a case, the non-resident individual will be required to file wealth
statement..
