Federal cabinet approves tax amnesty scheme

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Prime Minister Imran Khan chaired the Federal Cabinet meeting
Prime Minister Imran Khan chaired the Federal Cabinet meeting on Tuesday during which the tax amnesty scheme has been approved.

Sources said that the scheme will be applicable to benami bank accounts, whereas, it would be effective for the persons whose cases are pending in the courts.

The individuals, who took charge of government offices after 2000 will not be benefitted with the amnesty scheme.

According to sources, the amnesty scheme recommends the following:

  • 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, 2019
  • 4 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
  • The cabinet is also expected to be briefed on proposed measures to control prices of essential commodities amid rising inflation.

It is also expected to discuss the $6 billion bailout package agreed upon with the International Monetary Fund.

Furthermore, the cabinet is likely to approve a counsellor policy for the assistance of imprisoned Pakistanis and appointment of judges in special courts of Karachi and Quetta, among other matters.

A day ago, newly appointed chairman of the Federal Board of Revenue (FBR) Shabbar Zaidi said the government’s focus was to enhance direct tax net to improve the economy.

He said he would try to make changes in the tax collection system, adding that data from non-filers would be collected to include them into the tax net.