The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (“the Scheme”), has moved significantly closer to implementation. What began as a Budget 2026 proposal was subsequently given a statutory framework through the Finance Act, 2026. With the notification of the Foreign Assets of Small Taxpayers Disclosure Scheme Rules, 2026 on 13 August 2026, the procedural framework for implementing the Scheme has now been put in place.
For taxpayers who may have undisclosed or unreported foreign assets or foreign-source income falling within the scope of the Scheme, this sequence of developments is significant.
