Govt rolls out foreign-asset disclosure scheme
The government launched a foreign-asset disclosure scheme for small taxpayers, letting them declare undisclosed foreign assets or income. Declarants pay 30% tax on the declared value plus an additional amount equal to that tax, taking the effective levy to 60%. The window aims to widen compliance on offshore holdings without prosecution.
Nabka Insight
Tax-compliance schemes and their effective rates are standard economy and current-affairs fare.
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- Scheme lets small taxpayers declare undisclosed foreign assets or income.
- Tax is 30% plus an equal additional amount — 60% effective levy.
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