Islamabad: The President of Pakistan promulgated four ordinances on Sunday to make the tax reforms and amnesty scheme announced by the Prime Minister effective, according to a news report.
According to ordinances, liquid foreign assets, not repatriated, will have five percent tax, immoveable assets outside Pakistan will be taxed at three percent, and liquid assets repatriated and invested in government securities with a tax rate of two percent will be whitened. The amnesty scheme will remain applicable up to June 30, 2018.
For domestic amnesty, foreign currency held in a foreign account in Pakistan will be whitened at a tax rate of two percent. The amnesty will be available on gold, government security, national savings bonds, other precious stones, metals, stocks in trade, plant and machinery, prize bonds etc.
The ordinance also changed the tax brackets, as promised by the PM’s announcement the other day, and the rate of income tax has been reduced, while income below PKR 1.2 million will not be taxed anymore.
Holders of public office will not be able to avail the amnesty scheme and according to the ordinance, the holder of a public office refers to a person who is or has held a public officer at any time since January 1, 2000.
