The Federal Government of Pakistan has planned to introduce an across-the-board tax amnesty scheme, allowing people to whiten their money stacked in the form of undeclared movable and immovable assets. Reportedly, a draft for this new amnesty scheme has been prepared, which is expected to be presented to Prime Minister Nawaz Sharif in the next week.
Under this new scheme, the holders of undeclared movable and immovable assets will be able to whiten their money by paying 5%, 7.5% or 10% tax. It is important to note that this particular scheme would be time bound and can be availed within six months only. Furthermore, those who will not avail this scheme will be sentenced to a five-year term in jail and will also have to pay a penalty, three times higher than the tax payable. You should also note that the scheme has been introduced for both local and overseas Pakistanis.
Under this scheme, Pakistanis stationed all over the globe can pay 5% of the value of their illegally held assets as tax during the first two months of the announcement of the scheme, 7.5% during the third or fourth month and 10% if the scheme is availed in the fifth or sixth month of its announcement. Legal actions would be taken against tax defaulters after the expiry of the scheme.
The scheme has been planned to make people declare their illegally held assets within or outside the country in the form of cash, jewellery saved in lockers of local and international banks, gold bricks, commercial properties, plazas, flats, houses and expensive cars. The scheme can be availed by every Pakistani who hasn’t declared their assets in the annual income tax returns.
With this scheme, the government hopes to add several billions of rupees to the national exchequer.
A similar scheme was introduced in the neighbouring country, which allowed tax defaulters to whiten their money by paying tax amounting to 33% to 50% of the total value of their illegally held assets.
Share you views on the recently planned amnesty scheme for Pakistanis in the comments section below.
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Seems to be similar as plea bargaining…
What is the authenticity of this new?
What is the authenticity of this news
Hiya can u please give me info on sector f lahore bahria as im an overseas pakistani still waiting for
On ground plot i have been allocated a number and have been told the plot is in aziz bhatti block where the hell is this block located when will we get on ground plots helppppp plzzz
Thanks atia
Can u plz update me on sector f lahore whn will everyone get on ground plots
As im sn overseas pakistani extremely annoyed coz still waiting
Thanks atia
Charity begins at home. All Syasi,Babus,Zamindars,Waderas,Seths etc etc country wide should lead as role models. The rest will follow automatically.
Hi Samra, Please note that as my knowledge overseas Pakistanis , by law of income tax ordinace are already exempted of paying tax returns . And also there is no clear statement or instructons written on fbr website for their guidance as well. Overses Pakistanis who live less than 180 days / year and workng in a country on legal protector, plus if Pakistan govt signed double tax avoidance treaty with those countries do not bound to submit annual income tax returns. It would be great help if somebody request them to write this clearly for overseas Pakistanis on fbr website. Everyday Many confusions and problems, just to confuse people and nothing more than that. Overseas Pakistani bring cash reserves through legal banking system to Pakistan and buying property from approved societies, so this is Government job to instruct societies to abide by the law. And lastly, BTW, many poloticians and corrupt official will also havea good chance to whiten their money by this amnesty scheme. 🙂
Looks like this will only benefit the corrupt Politicians, corrupt beaurucrat and the wealthy corruptors that is the wealthy business community.
This will only benefit the corrupt Politicians, corrupt beaurucrat and the corruptors that is the wealthy business men.
Its a good start to bring more cash in to the country and into the system
its a good start to bring more cash into the country and into the system
Will this amenisty be applicable for buying and selling of property or there is any other amenisty for that and what is the dead line for the existing amenisty. Thanks to reply soon