Islamabad: The government is planning to introduce a new tax amnesty scheme next month, a news source reported. This initiative is meant to attract non-filers into the tax net and incentivise whitening of untaxed money held in Pakistan or abroad.
The work on the package has been put on the fast-track, according to officials of the Finance Division. As per these sources, the government wants to provide the public enough time to avail the scheme before an International Monetary Fund (IMF) programme is implemented. It will become difficult for the government to provide such incentive-laden schemes after securing a bailout package from the Fund.
The Federal Board of Revenue (FBR) is considering various options for the purpose. These include introducing ease of filing returns reforms, incentivising the filing of tax returns, and sending out emails to potential taxpayers informing them about the exact amount of tax & assets details they will have to deposit.
The board has collected data from NADRA, banks, utility corporations, the immigration department, and car manufacturers to identify wealthy individuals.
