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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'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.
Pakistan Prime Minister Imran Khan urges people to declare their hidden assets to avoid legal action against them.
Abdul Hafeez Shaikh says tax amnesty scheme will help encourage people to disclose their hidden assets legally by 30th of next month.
CELTIC Tiger developer Sean Dunne's bankruptcy has been extended for 12 years over his failure to disclose his hidden assets.
The amnesty scheme provides last chance to overseas and resident Pakistanis to declare their hidden assets by June 30, 2018 as the government will come into action against those who will try to keep their assets unknown from September 1, 2018.
ISLAMABAD:President Mamnoon Hussain said the tax amnesty scheme offered recently would help prevent money-laundering, while also aiding the government in bringing back wealth to the country.Talking to media persons during his visit to the Directorate General of Immigration and Passports (DGIP), Hussain, who promulgated four ordinances to give effect to the tax amnesty scheme for whitening of local and offshore hidden assets, said similar schemes have been successful in Malaysia and Indonesia.