Assets Declaration scheme: State Bank issues notification

The Assets Declaration scheme was announced by the government, earlier this, to provide another opportunity to all Pakistani citizens not only to declare their hidden assets but also to declare and legalize any undisclosed assets.

The scheme is applicable to all Pakistani, except holders of public office, until 30th of June this year. Under this scheme the foreign assets can easily be declared online through the Pakistan Banao certificates. Certificates will be issued to those repatriating their assets held outside the country. Banking channels will be involved to issue the certificates.

According to the notification issued by State Bank of Pakistan (# FD/1704/2948/2019) dated 25th May, the procedure for deposit of tax against foreign assets under Assets Declaration Ordinance 2019 is defined.  It states that:

In exercise of powers conferred under section 9 of the Assets Declaration Ordinance 2019, State Bank of Pakistan is pleased to notify the procedure for: a) conversion of foreign assets held outside Pakistan and the foreign currency held in Pakistan into Pak Rupees, b) payment of taxes against foreign assets held outside Pakistan and the foreign currency held in Pakistan, and c) repatriation of foreign assets into Pakistan.

The detailed notification can be accessed at this link.