Pakistan

PM approved tax amnesty scheme today during Federal Cabinet

ISLAMABAD: On Tuesday, Prime Minister Imran Khan chaired Federal Cabinet in which the tax amnesty scheme was approved by him.

The following points are recommended by the amnesty scheme as per the sources:

  • 5 per cent tax on individuals declaring assets by June 30, 2019
  • 10 per cent tax on individuals declaring assets by September 30, 2019
  • 20 per cent tax on individuals declaring assets by December 31, 2019
  • Recommendation for investment in Pakistan Banao Certificates for those declaring assets abroad
  • Recommendation for tax amnesty scheme for real estate sector
  • 1 per cent tax on those declaring property by June 30, 2019
  • 2 per cent tax on those declaring property by September 30, 20194 per cent tax on those declaring property by December 31, 2019
  • The scheme will also be applicable on benami accounts
  • 3 per cent tax on undeclared sales

The scheme cannot be availed by individuals holding government positions after 2000

The scheme will not be applicable on cases being heard in court

It is also expected by the cabinet that it would be briefed on the offered measures to control prices of essential commodities during rising inflation.

The $6 billion bailout package agreed upon with the International Monetary Fund is also expected to be discussed in the federal cabinet.

Moreover, the cabinet is probably going to favor a guide strategy for the help of detained Pakistanis and arrangement of judges in special courts of Karachi and Quetta, among different issues.

A day earlier, it was said by Shabbar Zaidi- the newly appointed chairman of the Federal Board of Revenue (FBR) that the focus if the government was to enhance direct tax net in order to improve the economy.

He said that in the tax collection system, he would try to make some changes. He added that, information from non-filers would be gathered to incorporate them into the expense net.

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