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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