ISLAMABAD: The government likely to introduce new tax amnesty scheme 2019 for undeclared foreign and local assets from next week.
In this regard a briefing was give to Prime Minister Imran Khan on Monday.
According to the sources the amnesty would be introduced from April 15, 2019 and will continue till June 30, 2019.
The amnesty scheme may be announced through Presidential Ordinance and subsequently passed I Finance Act, 2019 in May or June this year.
According to documents, all companies and individuals would be qualified for the scheme except: holders of public office since January 01, 2000, their spouses, children, brothers and sisters or lineal ascendant or descendant; proceeds derived from commission of a criminal offence are excluded; cases pending before a court of law with the exception of older pending litigation.
The amnesty scheme would have conditions, included:
— filing of income tax returns or revision thereof for 2018 and payment of tax.
— filing/revising sales tax returns for last completed tax period and declaring last 5 years undisclosed sales and payment of three percent sales tax/Federal Excise Duty.
–Depositing the case declared in a bank account and retaining the balance till June 30.
— Gold and precious stones declaration shall not exceed value of Rs5 million.
According to valuation of assets for the amnesty, the Benami assets would be allowed to declare at 10 percent. Foreign liquid assets repatriated into Pakistan at five percent.
