ISLAMABAD: New Amnesty Scheme Will Continue till December 2019
Federal Board of Revenue (FBR) Has Endorsed Three Phases for New Tax Amnesty Scheme for Undeclared Assets.
- Three phases to declare amnesty scheme
- The amnesty scheme is proposed to cover the real estate sector
For the period ended June 30, 2019, September 30, 2019, and December 31, 2019, the FBR recommended three phases for the amnesty scheme.
For undeclared properties, the tax rate was recommended at 5%, 10% and 20% respectively during the first, second and third phases (other than domestic property/unrevealed income)
In three phases of fair market value (not less than the value prescribed by the FBR under section 68 of the Revenue Tax Ordinance, 2001), the amnesty scheme is proposed to cover the real estate sector by one and two per cent, as declared by the declarant.
The FBR was recently instructed by Dr Abdul Hafeez Shaikh, Prime Minister Advisor on Finance, Revenue and Economic Affairs, to review the proposed amnesty scheme and to submit a new draft.
According to the draft the amnesty scheme will be propelled through notice of presidential ordinance.
It is proposed that, before filing a declaration in the manner prescribed by the State Bank of Pakistan any foreign assets declared under this Order must be returned to Pakistan or be investing in Pakistan Banao Certificate.