The government rolled out a foreign asset disclosure scheme allowing small taxpayers to declare undisclosed foreign assets or income. Under the scheme, taxpayers pay 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% — offering a window to regularise previously undisclosed overseas holdings.
Nabka Insight
A new compliance window on foreign assets — relevant to economy and governance.
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- Scheme lets small taxpayers disclose undisclosed foreign assets or income.
- 30% tax plus an equal additional amount takes the effective levy to 60%.
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