{ "schema_version": "qanun-law-text/1", "id": "pk-code-4bc1d66bbf7d801a", "title": "Voluntary Declaration of Domestic Assets Act, 2018", "source_collection": "Federal", "content_kind": "stored_law_text", "content_extent": null, "source_url": "https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Npa5pjbg%3D%3D-sg-jjjjjjjjjjjjj", "version": null, "source_snapshot": null, "legal_status": "not independently verified", "text_quality": "Complete stored UTF-8 TXT file recovered byte-for-byte from owned Drive. Source transcription retained verbatim; legal completeness, OCR accuracy and current consolidation unverified.", "text_sha256": "6f00cb56c68864f310334795b2322e57ab382f77779bfdac067ecab92bf1d5a3", "source_sha256": "6f00cb56c68864f310334795b2322e57ab382f77779bfdac067ecab92bf1d5a3", "text_version_id": "law:pk-code-4bc1d66bbf7d801a:sha256:6f00cb56c68864f310334795b2322e57ab382f77779bfdac067ecab92bf1d5a3", "quality_flags": [], "encoding": "UTF-8", "text": "Page 1 of 8 \r\n \r\n \r\nTHE VOLUNTARY DECLARATION OF DOMESTIC ASSETS \r\nACT, 2018 \r\n \r\n \r\n \r\n \r\n \r\n \r\nCONTENTS \r\n \r\n1. Short title and commencement \r\n2. Definitions \r\n3. Act to override other laws \r\n4. Application \r\n5. Declaration of domestic assets in Pakistan \r\n6. Period of applicability \r\n7. Charge of tax \r\n8. Payment of tax \r\n9. Incorporation in books of account \r\n10. Valuation \r\n11. Confidentiality \r\n12. Declaration not admissible in evidence \r\n13. Removal of difficulty \r\n14. Misrepresentation \r\n \r\nSchedule \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\n \r\nPage 2 of 8 \r\n \r\nTHE VOLUNTARY DECLARATION OF DOMESTIC ASSETS ACT, 2018 \r\n \r\n1ACT No. XXX of 2018 \r\n \r\n[22 May, 2018] \r\nAN \r\n \r\nACT \r\n \r\nto provide for voluntary declaration of domestic assets in Pakistan \r\n WHEREAS there is a large scale non-reporting and under-reporting of assets held in Pakistan; \r\n AND WHEREAS it is expedient to provide for declaration of such assets for the purposes \r\nhereinafter appearing; \r\n It is hereby enacted as follows:— \r\n 1. Short title and commencement.—(1) This Act may be called the Voluntary Declaration \r\nof Domestic Assets Act, 2018. \r\n (2) It shall come into force at once. \r\n \r\n 2. Definitions .—(1) In this Act, unless there is anything repugnant in the subject or \r\ncontext,— \r\n(a) “declarant” means a person making a declaration under section 5; \r\n(b) “court of law ” means an Appellate Tribunal, a High Court or Supreme \r\nCourt of Pakistan; \r\n(c) “domestic assets” means assets of every kind other than foreign assets under \r\nForeign Assets (Declaration and Repatriation) Act, 2018; \r\n(d) “holder of public office ” means a person who is or has been, during the \r\npreceding ten years,— \r\n(i) the President of the Islamic Republic of Pakistan or the Governor of \r\na Province; \r\n(ii) the Prime Minister, Chairman Senate, Speaker of the National \r\nAssembly, Deputy Chairman Senate, Deputy Speaker National \r\nAssembly, Federal Minister, Minister of \r\nState, Attorney-General for Pakistan and other Law Officers \r\nappointed under the Central Law Officers Ordinance, 1970 \r\n(VII of 1970), Adviser or Consultant or Special Assistant to \r\nthe Prime Minister and holds or has held a post or office with \r\nthe rank or status of a Federal Minister or Minister of State, \r\nFederal Parliamentary Secretary, Member of Parliament, \r\nAuditor-General of Pakistan, Political Secretary; \r\n ________________________________________________________________________________ \r\n 1This Act enacted via the Finance Act, 2018, s.12. \r\n \r\nPage 3 of 8 \r\n \r\n(iii) the Chief Minister, Speaker Provincial Assembly, Deputy Speaker \r\nProvincial Assembly, Provincial Minister, Adviser or \r\nConsultant or Special Assistant to the Chief Minister and \r\nwho holds or has held a post or office with the rank or status \r\nof a Provincial Minister, Provincial Parliamentary Sec retary, \r\nMember of the Provincial Assembly, Advocate -General for a \r\nProvince including Additional Advocate -General and \r\nAssistant Advocate-General, Political Secretary; \r\n(iv) the Chief Justice or, as the case may be, a Judge of the Supreme \r\nCourt, Federal Shariat Court, a High Court or a Judicial Officer \r\nwhether exercising judicial or other functions or Chairman or member \r\nof a Law Commission, Chairman or Member of the Council of Islamic \r\nIdeology; \r\n(v) holding an office or post, in the service of Pakistan or any service in \r\nconnection with the affairs of the Federation or of a Province or of \r\na local council constituted under any Federal or Provincial law \r\nrelating to the constitution of local councils, co-operative societies or \r\nin the management of corporations, banks, financial institutions, \r\nfirms, concerns, undertakings or any other institution or \r\norganization established, controlled or administered by or under \r\nthe Federal Government or a Provincial Government or a civilian \r\nemployee of the Armed Forces of Pakistan: \r\n Provided that a member of the Board, not actively engaged \r\nin the business and day -today affairs of the said corporations, \r\nbanks, financial institutions, firms, concerns, undertakings or any other \r\ninstitution or organization shall not be treated as holder of public \r\noffice under this sub-clause; \r\n(vi) the Chairman or Mayor or Vice Chairman or Deputy Mayor of a zila \r\ncouncil, a municipal committee, a municipal corporation or a \r\nmetropolitan corporation constituted under any Federal or Provincial \r\nlaw relating to local councils; \r\n Explanation .—For the purpose of this sub -clause the \r\nexpressions “Chairman” and “Vice Chairman” shall include “Mayor” \r\nand “Deputy Mayor” as the case may be, and the respective councilors \r\ntherein; and \r\n(vii) a District Nazim or District NaibNazim, Tehsil Nazim or Tehsil \r\nNaib Nazim or UnionNazim or Union Naib Nazim. \r\n(e) “undisclosed asset ” in relation to an immovable property includes an \r\n immovable property the value of which has been under-reported or \r\n understated; \r\n \r\n (2) All other words and expressions used but not defined in the Act shall have the same \r\nmeaning assigned to them under the Income Tax Ordinance, 2001 (XLIX of 2001) and the rules \r\nmade thereunder. \r\n \r\nPage 4 of 8 \r\n \r\n \r\n 3. Act to override other laws .—The provisions of this Act shall have effect \r\nnotwithstanding anything to the contrary contained in any other law for the time \r\nbeing in force. \r\n \r\n 4. Application.— (1) The provisions of this Act shall apply to— \r\n(a) every company, association of persons and all citizens of Pakistan wherever \r\nthey may be, except holders of public office, their spouses and dependent \r\nchildren; and \r\n \r\n(b) undisclosed income and do mestic assets held by the persons mentioned in \r\nclause (in Pakistan, except where proceedings are pending in any court of law \r\nin respect of the undisclosed income or domestic assets. \r\n \r\n(2) The provisions of this Act shall not apply to any proceeds or assets that are involved in or \r\nderived from the commission of a criminal offence. \r\n 5. Declaration of domestic assets in Pakistan. —(1)Subject to the provisions of this \r\nAct, any person may make, to the Federal Board of Revenue by the due date specified in section 6, \r\na declaration in respect of undisclosed income and domestic assets acquired before the tenth day of \r\nApril, 2018. \r\n (2) The value of a domestic asset shall be as specified in section 10. \r\n (3) The description, value and tax paid in respect of the undisclosed income and domestic \r\nassets declared in sub-section (1) shall be in the manner as set out in Form A of the Schedule to this \r\nAct. \r\n (4) The declaration of undisclosed income and domestic assets shall be made in the manner \r\nas set out in Form A of the Schedule to this Act, electronically on Federal Board of Revenue’s web \r\nportal and shall be valid only if it is accompanied by the evidence of payment of tax. The declarant \r\nmay be required to provide additional item-wise details of such income and assets while filing \r\ndeclaration on Federal Board of Revenue’s web portal. \r\n 6. Period of applicability.—The declaration under section 5 shall be made on or after the \r\ntenth day of April, 2018 but on or before the thirtieth day of June, 2018. \r\n 7. Charge of tax.— The domestic assets declared within the due date shall be chargeable to \r\ntax at the rates specified in the Table below on the value of assets as determined under section 10, \r\nnamely:— \r\nTABLE \r\n \r\nS.No. Assets Rate (as a percentage of the value \r\nof the asset) \r\nasset) (1) (2) (3) \r\n1. Foreign currency held in a foreign \r\ncurrency account in Pakistan as on the 31 st \r\nMarch, 2018 and encashed in equivalent \r\nRupees. \r\n \r\n \r\n \r\n \r\n \r\nPage 5 of 8 \r\n \r\nForeign currency held in a foreign \r\ncurrency account in Pakistan as on the 31st \r\nMarch, 2018 which is invested in \r\nGovernment securities upto 5 years in \r\nUS dollars denominated bonds with \r\nsix-monthly profit payment in equivalent \r\nRupees (rate of return 3%) and payable \r\non maturity in equivalent Rupees. \r\n \r\n2% \r\n2. Other assets. 5% \r\n \r\n 8. Payment of tax.— (1) The due date for payment of the tax chargeable under section 7 shall \r\nbe the date on which declaration is made under section 6. \r\n (2) No tax shall be payable by the declarant under any law for the time being in force including \r\nthe Income Tax Ordinance, 2001 (XLIX of 2001) declared where tax has been paid under sub -section \r\n(1) in respect of the undisclosed income and domestic assets declared under section 5. \r\n 9. Incorporation in books of account.— (1) Where a declarant has paid tax under section \r\n8 in respect of undisclosed income and domestic assets declared under section 5, the declarant \r\nshall be entitled to incorporate in his books of account such undisclosed income and domestic assets. \r\n (2) For the purpose of the Income Tax Ordinance, 2001(XLIX of 2001), the cost of \r\nacquisition of domestic assets and date of acquisition shall be deemed to be the value under sub -\r\nsection (2) of section 5 and the date on which declaration has been made by the declarant, \r\nrespectively.— \r\n 10. Valuation.— For the purpose of this Act, the valuation of assets declared shall be made \r\nin the following manner, namely:— \r\n \r\nS.No. Undisclosed income and \r\ndomestic assets \r\nValue for the purpose of section 5(2) \r\n(1) (2) (3) \r\n1. Undisclosed income. As declared. \r\n2. Open plots and land. Cost of acquisition or FBR rates , whichever is higher. \r\n3. Super structure. Rs 400 per square feet. \r\n4. Apartments and flats. Cost of acquisition or Provincial stamp duty \r\nrates, whichever is higher. \r\n5. Imported motor vehicles. A-B \r\nA= CIF value plus the amount of all charges, customs-\r\nduty, sales tax, levies, octroi, fees and other duties and \r\ntaxes leviable thereon and the costs incurred till their \r\nregistration. \r\nB= a sum equal to 10% of the said value for each \r\nsuccessive year upto a maximum of five years. \r\n \r\nPage 6 of 8 \r\n \r\n6. Motor vehicles purchased from a \r\nmanufacturer or assembler or \r\ndealer in \r\nPakistan. \r\nA-B \r\nA= The price paid by the purchaser, including the \r\namount of all charges, customs duty, sales tax and \r\nother taxes, levies, octroi, fees and all other duties \r\nand taxes leviable thereon and the costs incurred till \r\ntheir registration. \r\nB= a sum equal to 10% of the said value for each \r\nsuccessive year upto a maximum of five years. \r\n7. Used motor vehicles purchased \r\nlocally. \r\nValue determined in the manner specified in S.N. 5 \r\nor 6, as the case may be, as reduced by an amount equal \r\nto 10% for every year following the year in which \r\nit was imported or purchased from a manufacturer. \r\n8. Securities and shares traded on \r\nstock exchange. \r\nDay-end price of the share or security quoted on \r\nregistered stock exchange as on the 9th April, 2018 and \r\nwhere no day -end price of such share or security is \r\nquoted on stock exchange on the 9 th April, 2018 day -\r\nend price of the share or security quoted on a date \r\nnearest to the 9 th April, 2018. \r\n9. Securities and shares not traded on \r\nstock exchange. \r\nBreak-up value or face value, whichever is higher. \r\nBreakup value shall be the sum of paid -up capital, \r\nreserves and balance as per profit and loss account as \r\nreduced by the value of preference shares and \r\ndivided by the amount of the paid up ordinary share \r\ncapital. \r\n10. National saving schemes, postal \r\ncertificates, bonds, securities and \r\nother similar investments in \r\ncapital instruments not traded or \r\nquoted on stock exchange. \r\n \r\n \r\nFace value. \r\n11. Gold. Rupees 4000 per gram. \r\n12. Other precious stones \r\nand metals. \r\nMarket rate as on the 9 th April, 2018 or cost of \r\nacquisition, whichever is higher. \r\n13. Stock-in-trade. Market rate as on the 9th April, 2018. \r\n14. Plant and machinery. Actual cost of acquisition with no depreciation. \r\n15. Accounts receivable. \r\nActual cost of acquisition. \r\n16. Other assets. \r\n17. Prize bonds, cash and bank \r\naccounts including \r\nforeign currency \r\naccounts. \r\nFor bank accounts balance as on 9th April, 2018 and face \r\nvalue for other assets. \r\n \r\n \r\nPage 7 of 8 \r\n \r\n 11. Confidentiality .— (1) Notwithstanding the provisions of sub -section (3) of section 216 \r\nof the Income Tax Ordinance, 2001 (XLIX of 2001), the Right of Access to Information Act, 2017 \r\n(XXXIV of 2017) and any other law for the time being in force, particulars of any person making a \r\ndeclaration under this Act or any information received in any declaration made under this Act \r\nshall be confidential. \r\n \r\n (2) A person who discloses any particulars in contravention of sub -section (1) shall commit \r\nan offence punishable on conviction with a fine of not less than five hundred thousand Rupee s but \r\nnot exceeding one million Rupees or imprisonment for a term not exceeding one year or with both. \r\n 12. Declaration not admissible in evidence .— Notwithstanding anything contained in any \r\nother law for the time being in force, nothing contained in any declaration made under section 5 \r\nshall be admissible in evidence against the declarant for the purpose of any proceedings relating to \r\nimposition of penalty or for the purposes of prosecution under any law including Income Tax \r\nOrdinance, 2001 (XLIX of 2001). \r\n 13. Removal of difficulty .—If any difficulty arises in giving effect to the provisions of \r\nthis Act, the Federal Government may make such order in writing, as is not inconsistent with the \r\nprovisions of this Act, for removal of such difficulty. \r\n 14. Misrepresentation .—Notwithstanding anything contained in this Act , where a \r\ndeclaration has been made by misrepresentation or suppression of facts, such declaration shall be \r\nvoid and shall be deemed never to have been made under this Act. \r\n \r\nSchedule \r\nForm A \r\n \r\nDECLARATION UNDER SECTION 5 \r\n FULL NAME \r\n \r\nCNIC \r\n- \r\n- \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n- \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n- \r\n \r\n \r\n \r\n \r\nNTN \r\n(if available) \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\nADDRESS \r\n \r\nTELEPHONE NUMBER: \r\nEmail: \r\nUNDISCLOSED INCOME AND DOMESTIC ASSETS \r\nS.No. Undisclosed income and assets. Value as per section 10. \r\n1. Undisclosed income. \r\n2. Open plots and land. \r\n3. Super structure. \r\n4. Apartments and flats. \r\n5. Imported motor vehicles. \r\n \r\nPage 8 of 8 \r\n \r\n6. Motor vehicles purchased from a \r\nmanufacturer or assembler or \r\ndealer in Pakistan. \r\n \r\n7. Used motor vehicles purchased \r\nlocally. \r\n \r\n8. Securities and shares traded on \r\nstock exchange. \r\n \r\n9. Securities and shares not traded on stock exchange. \r\n10. \r\n \r\nNational saving schemes, postal certificates, bonds, \r\nsecurities and other similar investments in capital \r\ninstruments not traded or quoted on stock exchange. \r\n \r\n11. Gold. \r\n12. Other precious stones and metals. \r\n13. Stock-in-trade. \r\n14. Plant and machinery. \r\n15. Accounts receivable. \r\n16. Other assets. \r\n17. Cash, prize bonds and bank accounts \r\n18. Government securities ( other than those at S.No. 1 in \r\nthe Table under section 7) \r\n \r\nTotal value in Rupees \r\nTax @ 5% (A) \r\n19. Government securities or rupee amount from \r\nencashment of foreign currency accounts (S.No. 1 \r\nin the Table under section 7) \r\n \r\nTax @ 2% (B) \r\nTotal Tax (A+B) \r\nWhether evidence of payment of tax attached. YES NO \r\n \r\nVERIFICATION \r\n I, the undersigned, solemnly declare that to the best of my knowledge and belief— \r\n(a) the information given in this declaration is correct and complete; and \r\n(b) the value of domestic assets have truly been declared. \r\n I, further declare that I am competent to make this declaration and verify it in my own \r\nname. \r\nDate __________ Signature___________ \r\n Name _____________ \r\n \r\n \r\n \r\n \r\nRGN. 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