SBP releases notification related to assets declaration scheme

KARACHI: The State Bank of Pakistan (SBP) issued a notification on Sunday related to the assets declaration scheme which said the repatriation of foreign assets can be done through conversion of 10 currencies into Pakistani rupee.


A taxpayer should declare the value of their assets outside Pakistan on the Federal Board of Revenue (FBR) web portal in respective currency, said the notification.

The notification stated that under the exchange rate notified by the SBP, the tax can be paid in US dollars and UAE Dirhams.

The foreign assets can be declared online through the Pakistan Banao Certificates which are issued to those declaring assets held outside Pakistan through banking channels.

The same method will be used to declare internal foreign exchange reserves, added the notification.

The government earlier had announced the new Asset Declaration Scheme, enabling Pakistani citizens to declare and legalise undisclosed assets inside and outside the country by paying just four per cent taxes on all assets other than real estate.

The scheme, applicable till June 30, and all Pakistan citizens, other than those holding public offices or their dependents, would be able to take benefit from it.

The basic purpose of the scheme was to document the economy and make the dead assets functional to promote the economy by encouraging businessmen to participate in the legal economy.


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