PTI Govt.’s tax amnesty scheme approved by federal cabinet

• Tax amnesty scheme will help people to disclose hidden assets legally by June 30: Hafeez Shiekh

ISLAMABAD – (Tuesday, 14 May 2019) – PTI led government’s tax amnesty scheme was approved by the Federal Cabinet chaired by Prime Minister Imran Khan today.

According to sources the key points of the approved Tax Amensty scheme are as follows:

• 5 per cent tax on individuals declaring assets by June 30, 2019
• 10 per cent tax on individuals declaring assets by September 30, 2019
• 20 per cent tax on individuals declaring assets by December 31, 2019
• Recommendation for investment in Pakistan Banao Certificates for those declaring assets abroad
• Recommendation for tax amnesty scheme for real estate sector
• 1 per cent tax on those declaring property by June 30, 2019
• 2 per cent tax on those declaring property by September 30, 2019
• 4 per cent tax on those declaring property by December 31, 2019
• The scheme will also be applicable on benami (on some fictitious names) accounts
• 3 per cent tax on undeclared sales
• The scheme cannot be availed by individuals holding or having held government positions after 2000
• The scheme will not be applicable on cases being heard in court

Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh after the cabinet meeting spoke to the media and said that the effort has been made to implement the scheme seamlessly and it has been kept realistic.

He said the philosophy behind the amnesty scheme is not to frighten people instead it is aimed at encouraging people to play their part in economy in a legal manner.