Clause 114 - Short title and commencement.

Foreign assets disclosure scheme requires declarants to declare undisclosed foreign income/assets and pay prescribed tax, penalty, and fees.

The Scheme enables eligible small taxpayers to disclose undisclosed foreign income and assets through prescribed declarations with electronic verification, and requires payment of specified tax, penalty or fee (with interest for delay) subject to thresholds; declared items are excluded from total income, payments are non refundable, and conditional immunity from tax, penalty and prosecution is available while exclusions apply for proceeds of crime and completed anti money laundering or black money assessments.