Government rolls out foreign asset disclosure scheme for small taxpayers
The government rolled out a foreign asset disclosure scheme allowing small taxpayers to declare previously undisclosed foreign assets or income. Declarants pay a 30% tax on the value of the declared asset or income, plus an additional amount equal to the tax — taking the effective levy to 60%. The window offers a compliance route for undisclosed overseas holdings.
Nabka Insight
A voluntary disclosure window with a defined penalty structure — taxation and economy.
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- For small taxpayers to declare undisclosed foreign assets/income.
- Levy: 30% tax plus an equal additional amount = 60% effective.
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