Amnesty scheme: Beneficiaries would pay extra as penalty after June 30.

Islamabad: A News source reported that the recently-approved tax amnesty scheme beneficiaries would pay a 10%-40% additional penalty for their taxable amounts if they would fail to clear them before June 30, 2019.

On Wednesday, President Arif Alvi signed the Ordinance 2019 on the Asset Declaration, while only one day ago the Federal Cabinet agreed on it.

Those who choose to be benefited from the plan, but fail to make their payments by June 30, will be obliged to pay 10 to 40% more of the amount originally owed by non-reported local and offshore assets. The tax weight has been established in this respect.

 

Between 30 June and 30 September, a default extra fee has been set for individuals settling their payments at 10 %.The figure set for payments between 30 September and 31 December is 20 %.People who will clear their asset during the first and second quarters of 2020 would have to pay an additional 30 and 40% of their original tax surcharge respectively.


0 Comments

Post a comment

login before posting a comment.