Pakistan Tehreek-i-Insaf or PTI govt has prepared the draft related to the new tax amnesty scheme with aims to extend till December 2019.
The draft for new tax amnesty scheme is now prepared, as revealed by sources. Dr Abdul Hafeez Shaikh, the Finance Adviser to Prime Minister, has ordered FBR or Federal Board of Revenue officials to make sure that people can easily understand the Asset Declaration Scheme.
As per the draft, a tax rate of 5% will be applied on individuals declaring their undeclared assets by June 30, 2019; 10% on individuals declaring assets by September 30, 2019; while 20% tax will be applied on individuals declaring assets by December 31, 2019.
The draft also proposes amnesty for the real estate sector. It proposes 1% tax on individuals declaring their property by June 30, 2019; 2% on individuals declaring property by September 30, 2019; and 4% tax on individuals declaring property by December 31, 2019.
The draft contains a proposal to charge 3% tax on previously undeclared sales, while the scheme will also apply on benami bank accounts.