The Ministry of Finance has guaranteed all applicants filing under tax amnesty scheme that the data gave by them will remain entirely secret.
The ministry has expressed that certifications gave under the plan shall be upheld in letter and spirit, and any data spilled will be subject to criminal conviction.
The finance ministry has emphasized that leakage of info about declarations under the scheme, shall be convictable, by a fine at the very least 500,000 rupees however not surpassing one million rupees or jail for a year term or both.
Prior this month, the interim government extended the deadline for a month with a cut-off date till July 31, in view if the interest of people’s interest in declaration of foreign and domestic assets under the amnesty scheme.
The augmentation has been put into impact through a Presidential Ordinance, after the government bureau affirmed the expansion on the suggestion of overseer Finance Minister Shamshad Akhtar.
The Federal Board of Revenue (FBR) it plans to create more than Rs100 billion in tariffs accumulation from foreign and domestic assets to be declared under the amnesty plan.
According to figures given by division finance, reveals that around 55,225 individuals have documented returns declaring their Rs 570 billion worth of foreign assets and Rs 1,192bn domestic under the amnesty scheme.
The amnesty plan for foreign assets covers both fluid and solid assets like financial balances, shares, and sold properties.
The tax rates for foreign assets range from two percent to 5pc, depending on the type of assets. Special tax rate of two percent is applicable to liquid assets which are repatriated to Pakistan. The amnesty scheme for domestic assets covers all types of assets and income, with tax rates of 2 and 5 %.