President Dr Arif Alvi on Wednesday (today) gave approval to the tax amnesty scheme.
New tax amnesty scheme 2019 was announced yesterday. However, Abdul Hafeez Sheikh, the Adviser to PM on Finance, revealed that people except for public office holders and their dependents can avail this amnesty scheme to declare all previously undisclosed assets either abroad or in Pakistan.
New Tax Amnesty Scheme 2019 Key Details
According to details, the amnesty scheme recommends the following:
- Recommendation for investment in Pakistan Banao Certificates for those declaring assets abroad.
- Recommendation for tax amnesty scheme for real estate sector
- The scheme will also be applicable on benami accounts
- 3% tax on undeclared sales
- The scheme cannot be availed by individuals holding government positions after 2000
- The scheme will not be applicable on cases being heard in court
- 20% tax on individuals declaring assets by December 31, 2019
- 5% tax on individuals declaring assets by June 30, 2019
- 1% tax on those declaring property by June 30, 2019
- 10% tax on individuals declaring assets by September 30, 2019
- 2% tax on those declaring property by September 30, 2019
- 4% tax on those declaring property by December 31, 2019