ISLAMABAD – The federal cabinet has approved to extend the tax amnestyscheme until July 30.
As per details garnered, President Mamnoon Hussain signed the tax amnestyordinance confirming the 31-day extension in the tax amnesty scheme.
The tax amnesty scheme announced by the Pakistan Muslim League-N (PML-N)government earlier this year, this scheme came into effect on April 10,2018. Accordingly, June 30 was supposed to be the last day to avail thescheme.
The scheme has been cited as an opportunity for people to file their localand foreign assets without facing any consequences. The FBR has warned thatholders of undeclared local and foreign assets will face consequences ifthey do not declare assets after the tax amnesty scheme expires.
Earlier on April 5, the outgoing prime minister Shahid Khaqan Abbasi hadannounced the amnesty scheme for those who are not paying income tax amidto increase tax base and revenue. He said that the black money could bewhitened by paying five percent tax.
The scheme is for every citizen. However, politicians cannot benefit fromit. The former prime minister said that the people not paying the taxeswill be punished.
He announced that there will be no tax on monthly income up to Rs 100,000.“Five percent tax will be applicable on the yearly income from Rs 1.2million to Rs 2.4 million. Ten percent tax will be applicable on the yearlyincome from Rs 2.4 million to Rs 4.8 million, while 15 percent tax will beapplicable on the yearly income above Rs 4.8 million,” he announced.