Islamabad: The rules and forms for Asset Declaration Scheme 2019—the new amnesty scheme–are to be announced today, June 17, a news source reported. The rules have to be announced before the amnesty scheme become operational.
The State Bank of Pakistan (SBP) will also issue a circular for making payments under the amnesty scheme.
According to Federal Board of Revenue’s Member Inland Revenue Policy and the board’s official spokesman Hamid Ateeq Sarwar, the Ministry of Law will vet the rules for asset declaration scheme after which these would be issued.
The amnesty law was compressed from 37 pages to 6 to 7 pages and further clarifications would be done through rules.
Sarwar further said that FBR has not fix any target for the amnesty scheme since it is aimed at documentation of economy. He explained that if the revenue collection had been FBR’s priority, they would not have permitted the payment of the tax amount with default surcharge at the range of 10 to 40 percent over the next fiscal year.
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