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Government rolls out foreign asset disclosure scheme for small taxpayers

The government rolled out a foreign asset disclosure scheme for small taxpayers. Under it, taxpayers will pay 30% tax on the value of the declared undisclosed foreign asset or income, plus an additional amount equal to that tax — effectively taking the total levy to 60%. It offers a window to regularise undisclosed overseas holdings.

Nabka Insight

A new voluntary disclosure window with a defined tax rate is a precise, examinable economy fact.

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Key facts

  • New foreign asset disclosure scheme targeted at small taxpayers
  • 30% tax on the declared undisclosed foreign asset or income
  • An equal additional amount takes the effective levy to 60%

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