Islamabad: Revenue from the tax amnesty scheme will be distributed to the provinces under the National Finance Commission (NFC) Award, according to a news report. An official from the Ministry of Finance said that since all proceeds collected under the tax amnesty scheme are collected as income tax, they will be distributed to the provinces and federal government.
As per the 7th NFC Award, the federal government will get a 42.5% share and would transfer 57.5% of the resources to all the four provinces, as per the federal divisible pool. So far, the Federal Board of Revenue (FBR) has generated PKR 97 billion from this amnesty scheme, of which PKR 36 billion has been collected from foreign assets and PKR 61 billion from domestic assets. The government expects that it will be able to generate an additional PKR 60-80 billion in the remaining 20 days of the scheme, when the scheme is scheduled to expire.
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