Hidden Asset


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Hidden Asset

Value that a person or company possesses that does not appear on its balance sheet. One may have a hidden asset due to an accounting convention. For example, a company may be required to depreciate an asset faster than its actual value declines. This results in a higher net worth for the company than would be reflected in its books. A hidden asset is also called a hidden reserve or a hidden value.
References in periodicals archive ?
The total value of the hidden assets declared under both the schemes was Rs1.8 trillion.
They urged that amnesty schemes should be designed in such a way as to help in declaring hidden assets and bringing in more capital of expatriate Pakistanis within the country.
The Commissioner Inland Revenue Department of AJK said that extension in the last date was another golden opportunity for those AJK residents besides the Kashmiri expatriates seeking to declare their hidden assets coupled with payment of due tax amounts against their assets - enjoying the amnesty without any due fine or extra charges.
Elaborating, Mirza said that the companies, Association of Persons [AOPs] and individuals could unveil their income and the country-based hidden assets by depositing the stipulated tax amount according to the concerned category by the deadline.
"You all have time until June 30 to declare your hidden assets inside the country (Pakistan) and those held abroad.
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.
He ordered that PS8,200 in hidden assets be confiscated and paid in compensation to Mr and Mrs Bukhara within three months.
A long-term remedy, issuing e-coins or e-currency can help such corruption-hit countries as India and Pakistan to control black money, eradicate corruption and encourage the general public to disclose their hidden assets to the government.