The photo has been used for illustrative purposes.
Jamil Khan, Senior Reporter
A large number of community members from different backgrounds gathered to share their grievances at the event organised by the Pakistani Consulate in Dubai to educate the expatriate community on the current amnesty scheme which will be ending on June 30.
The event was organised jointly by the Pakistan Embassy in UAE, Pakistan Business Council-Dubai, Pakistan Association Dubai and members from different professional backgrounds were present who asked a number of questions related to tax, amnesty and other policies.
One of the common questions were on the property they bought in the UAE through their hard money they earned in he UAE. The visiting official assured them that they should not be worried.
Dr Muhammad Ashfaq Ahmed, Director General (International Taxes), Feberal Board of Revenue (FBR) Pakistan told the community that three major events have occurred over the past two years, OECD framework got operational, Benami (unknown) law implemented and quantum of underground economy (due to related factors, FATF threat, FE regulations, hawala/hundi).
“If you earn money here and buy assets then you should not worry about the amnesty and no need to declare your assets.”
Community members asked the officials that they have many questions on daily basis and they need a permanent official in the Pakistani mission in the UAE. “We have a number of suggestions regarding the posting a permanent official like tax consular, expansion of banking network in remote areas to benefit blue collar workers to avoid hawala/hundi,” Dr Ahmed said.
The purpose of the ongoing amnesty scheme is to allow the non documented economy’s inclusion in the taxation system, trigger economic revival and growth by encouraging a tax compliance in the economy, generate much-needed revenue for the exchequer and ease out Pakistanis let bring in and outside with undisclosed assets in an era of international transparency.
“The ‘Benami’ law is very simple and guidelines are also uploaded online for public to get benefit. It is a fresh start for revive our economy.”
Expatriate ask to get benefit of the ongoing amnesty scheme to deposit their cash, liquidation if local assets and to bring back Pakistan One should get affidavit before June 30,” he said. “There is a great demand to extend the deadline but it is not going to happen. Once one declared assets in the ongoing amnesty scheme there will be no tax,” he added.
The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
Recent measures in Pakistan to widen the tax net, initiating a number of proposals like an amnesty scheme to allow people to declare their ‘unknown’ assets, and changes in tariff in many services and products, have created confusion among the Pakistani expatriates in the UAE.
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