Main features of Amnesty Scheme 2019

KARACHI: The government may launch a new tax amnesty scheme 2019 on April 15 for allowing undeclared local and domestic assets to become part of documented economy.

The main features of the draft amnesty scheme, included:

– Benami assets

– Sales Tax and Federal Excise Duty

– mandatory return filing

– allowing balance sheet revision

– litigation cases would also be allowed

– amnesty to banking transaction will require cash to be put in bank accounts

– there will be limit on gold declaration

– Bank credits in last five years included

– the amnesty will have higher valuation

– this amnesty will have higher rates.

The draft of amnesty scheme also explained persons qualified:

According to it all companies and individuals except: holders of public office since January 01, 2000, their spouses, children, brothers and sister or lineal ascendant or descendant.

Proceeds derived for commission of a criminal offence would be excluded for amnesty.

Cases pending before a court of law would be allowed with the exception of older pending litigation.

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