ISLAMABAD – Tax Amnesty Scheme 2019 will initiate from May 15 through presidential ordinance as federal cabinet gave its approval on Tuesday.
The decision came in a meeting of federal cabinet chaired by Prime Minister Imran Khan over an eight-point agenda in Islamabad.
During the meeting, Financial Advisor Dr. Hafeez Sheikh apprised the Premier on bailout package Pakistan will receive from International Monetary Fund (IMF) and Tax Amnesty Scheme affair.
According to details, the amnesty scheme recommends the following:
- 5 percent tax on individuals declaring assets by June 30, 2019
- 10 percent tax on individuals declaring assets by September 30, 2019
- 20 percent 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 percent tax on those declaring property by June 30, 2019
- 2 percent tax on those declaring property by September 30, 2019
- 4 percent tax on those declaring property by December 31, 2019
- The scheme will also be applicable on benami accounts
- 3 percent tax on undeclared sales
- The scheme cannot be availed by individuals holding government positions after 2000
- The scheme will not be applicable to cases being heard in court
Courtesy –GNN
