Islamabad: The FBR’s final draft of the tax amnesty scheme proposes extending its timeline till December 2019, a news source reported. Progressively higher level of tax rates will be applicable with the passage of time.
The tax rates for declaration of domestic and foreign assets will be 5% till June, 10% between June and September, and 20 percent between September and December 2019.
For domestic real estate, the proposed rate till June have been proposed at 1%, 2%, and 4 percent respectively for each phase of the amnesty scheme.
Under the amnesty scheme, the value of foreign assets to be declared under the upcoming scheme shall be converted into Pak Rupees by applying the exchange rate on the date of declaration. The foreign asset will also need to be repatriated to Pakistan or invested in Pakistan Banao Certificate.
