Islamabad: The Senate Standing Committee on Finance approved the tax amnesty scheme for offshore and domestic assets on Tuesday, according to a news report. The panel, which was headed by Senator Farooq H Naik, approved all four bills, including the two bills that were implemented through the Presidential Ordinance.
The amnesty scheme has been in place since April 10, 2018 to legalise assets stacked offshore and in Pakistan. The committee on finance also opted to relax the requirement of opening cases for offshore assets tax via an amendment in the bill. The panel amended the Income Tax Ordinance 2018 to the extent of permitting cases that are only 10 years old while the government had decided to open cases as old as 18 years.
According to Federal Board of Revenue Chairman Tariq Pasha, people have so far only started to avail the domestic asset scheme, where people can declare their hidden assets by paying a 5% tax. Pasha further said that due to stringent regulations of the Organisation for Economic Development and Cooperation, keeping undeclared money and assets abroad has become extremely difficult. The amnesty scheme provides an opportunity to people to keep their offshore assets from being confiscated by authorities.
You can also read Zameen blog discussing complete details of the tax amnesty scheme.
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