ACCA opposes tax amnesty, recommends enforcement on available information

May 12

2019-2020, Budget, Taxation

ACCA opposes tax amnesty, recommends enforcement on available information

KARACHI: Association of Chartered Certified Accountants (ACCA) Pakistan has opposed tax amnesties and suggested the tax machinery to use available information with proper enforcement. “Tax Amnesties without proper penal clauses had been a failure. With the strengthening of OECD, they should be done away with and focus should instead be shifted on using the organization’s […]

by Faisal Shahnawaz

April 30 last day for filing annual return; eyes on amnesty scheme for further extension

Apr 29

Exclusive, Taxation

April 30 last day for filing annual return; eyes on amnesty scheme for further extension

ISLAMABAD: Tomorrow April 30, 2019 is the last day for filing income tax return for Tax Year 2018, which was extended many times since the actual filing date. Sources in on Monday said that the Federal Board of Revenue (FBR) may further extend the last date for filing income tax returns with the launch of […]

by Faisal Shahnawaz

Amnesty scheme may be introduced for two months; may conclude before IMF program

Apr 24

Exclusive, Taxation

Amnesty scheme may be introduced for two months; may conclude before IMF program

ISLAMABAD: The government may launch much debated tax amnesty scheme for the last two months of current fiscal year and conclude it before beginning of IMF loan program. Sources said that the government was intending to introduce the scheme for undeclared assets during the period of May – June 2019. The sources said that the […]

by Faisal Shahnawaz

FBR directed to make proposed amnesty scheme more attractive

Apr 23

Taxation

FBR directed to make proposed amnesty scheme more attractive

ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance, Revenue and Economic Affairs directed Federal Board of Revenue (FBR) to modify proposed tax amnesty scheme to attract maximum number of people. Dr. Hafeez Shaikh chaired a meeting Tuesday to review the planned Asset Declaration Scheme. The Adviser directed FBR to modify and refine […]

by Faisal Shahnawaz

Hafeez Shaikh reviews proposed amnesty scheme

Apr 21

Taxation

Hafeez Shaikh reviews proposed amnesty scheme

ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance, Revenue and Economic Affairs on Sunday reviewed the proposed tax amnesty scheme with officials of Federal Board of Revenue (FBR). A statement said that the adviser to PM on Finance, Revenue and Economic Affairs reviewed the proposed Assets Declaration Scheme – 2019 in detail […]

by Faisal Shahnawaz

No decision on amnesty scheme, cabinet to consider tomorrow

Apr 16

Taxation

No decision on amnesty scheme, cabinet to consider tomorrow

ISLAMABAD: The federal cabinet has discussed the planned tax amnesty scheme and it will decide in tomorrow’s meeting, sources said on Tuesday. The federal cabinet was met under the chair of Prime Minister Imran Khan. Finance Minister Asad Umar briefed the meeting about the proposed amnesty scheme. The sources said that the prime minister directed […]

by Faisal Shahnawaz

Cabinet to approve money whitening amnesty scheme today

Apr 16

Taxation

Cabinet to approve money whitening amnesty scheme today

ISLAMABAD: The federal cabinet may consider and approve the new amnesty scheme today which is meant for whitening the ill-gotten money. The scheme may continue till the end of current fiscal year and it would be offered for domestic and foreign undisclosed assets. The scheme may be prolonged beyond July 2019. The amnesty would also […]

by Faisal Shahnawaz

Amnesty shows 91pc assets declarants are registered

Apr 13

Exclusive, Taxation

Amnesty shows 91pc assets declarants are registered

ISLAMABAD: The Amnesty Scheme 2018 has shown the 91 percent tax dodgers, who availed the scheme for declaring undisclosed foreign assets were registered with tax department. According to presentation of the finance ministry on the previous tax amnesty scheme, the analysis showed around 6,195 persons availed the scheme to declare foreign assets. It revealed that […]

by Faisal Shahnawaz

Apr 12

Exclusive, Taxation

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 […]

by Faisal Shahnawaz

Tax rates for proposed Amnesty Scheme 2019

Apr 12

Taxation

Tax rates for proposed Amnesty Scheme 2019

KARACHI: Persons may be allowed to avail tax amnesty at one percent for undeclared banking transactions of past five years. According to draft of Tax Amnesty Scheme 2019, credit entries in a person’s own bank account is allowed at one percent of the total credit entries from July 01, 2013 till June 30, 2018 or […]

by Faisal Shahnawaz