hidden asset


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hidden asset

n. an item of value which does not show on the books of a business, often excluded for some improper purpose such as escaping taxation or hiding it from a bankruptcy trustee. However, there may be a legitimate business reason for not including all assets on a profit and loss statement.

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The PML-N spokesperson had earlier stated that Khan has been acting as a hidden asset of the premier, clues of which can be found in the fundraising board of Shaukat Khanam Cancer Hospital and Namal University.
MULTAN -- Federal Board of Revenue (FBR) Member Faheemul Haq has disclosed that the offshore and domestic tax amnesty schemes generated 'unprecedented' response, as over 55,000 declarations were filed to whiten Rs1.8 trillion hidden assets.
He said Pakistan has signed multilateral convention agreement with 102 counties to exchange information regarding their citizens having hidden assets in any of the signatory countries.
In these circumstances offering attractive amnesty schemes to local and foreign Pakistanis could be a good move to declare hidden assets and bring more capital in the country to improve the economy.
She asked the media to question those leaders and their families who have hidden assets and bank accounts abroad including offshore companies and dummy corporations.
'All concerned can now declare their hidden assets by August 20, 2019 to the AJK Inland Revenue Department by availing the opportunity of extension of the last date' Commissioner Inland Revenue Department Sardar Zaffar Mahmood Khan told here on Monday.
Later, the government had announced in May 2019 a tax amnesty scheme called as 'Assets Deceleration Scheme 2019' to give an opportunity to people to legalise their hidden assets by paying nominal tax.
Broadsheet, a company incorporated in the Isle of Man, was hired by the NAB during former president Pervez Musharraf's regime to investigate hidden assets of over 150 Pakistanis abroad including the Sharif family.
MIRPUR: Under the nation-wide integrated plan for bringing maximum number of people in the tax net, the Amnesty Scheme-2019 of unveiling hidden assets, expenditures and sales within the country has also been enforced in Azad Jammu and Kashmir.
'Disclose hidden assets or face imprisonment', FBR warns Pakistani expats in UAE
Muscat : Pakistan had announced a tax amnesty scheme in May giving its citizens a chance to declare their hidden assets until 30 June, 2019.
He called upon the business community to take full benefit from the assets declaration Ordinance, which is last opportunity for the people to disclose hidden assets till June 30.