Islamabad: The Senate Standing Committee on Revenue on Saturday (June 18) approved the amnesty scheme for all undeclared and non-transferable assets held by citizens in foreign countries, news sources reported. The committee has also withdrawn the exemption from capital gains tax on the transfer and purchase of non-transferable lands held by retired and serving army officers, the FBR, and all other government employees.
As per the scheme, non-resident Pakistanis (NRP) would be able to make their undisclosed properties, plots, bungalows, plazas, shops, farmhouses, foreign bank accounts, investments and shares of foreign companies, vehicles, jewels, and jewelry legal by paying 1% tax of the assets’ total value. Similarly, non-resident Pakistanis will have to pay a 1% capital value tax on declared properties held in Dubai, London, and New York.
Moreover, the committee approved the FBR’s request to increase the advance tax on the purchase and sale of property from 1% to 2% for filers and 5% for non-filers in the Finance Bill 2022-23. Furthermore, the committee approved the government’s proposal for the next fiscal year to increase the automobile registration fee by 100 % for non-filers.
The federal government has suggested increasing the tax on automobile purchases for non-filers from 100 % to 200 % in Finance Bill 2022-23. According to the FBR chairman, the government is imposing additional taxes on non-filers to improve documentation of the economy and tax collection.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
