What's new in PTI government new 'Tax Amnesty Scheme'?

What's new in PTI government new 'Tax Amnesty Scheme'?

*ISLAMABAD – Prime Minister Imran Khan will get briefing on new tax amnesty scheme of the Pakistan Tehreek-e-Insaf (PTI) led government on Monday.*

According to the sources, the prime minister will chair a meeting in Islamabad to get briefing on the scheme finalised to provide people with the means to legitimise all kinds of *offshore and onshore undeclared assets* at the rates of *more than fice per cent*.

Meanwhile, Finance Minister Asad Umar and the Federal Board of Revenue officials will brief the premier. It was also reported that the approval of draft for IMF scheme will also be taken from the prime minister.

The scheme is expected to be tabled in the meeting of the federal cabinet tomorrow.

Under the proposed scheme, the government will offer three slabs for declaring all kinds of assets, both offshore and onshore. According to the scheme, after revealing illegal assets, the tax returns must have to be submitted.

It also said that the punishment of imprison and heavy fines will be implemented if fake details submitted in the returns. However, the crackdown will be launched who were not benefitted by the amnesty scheme.

The sources revealed that the amnesty scheme will be brought before *April 20*.

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The new tax amnesty scheme also coincides with a new global anti-tax evasion scheme that is operational under a multilateral tax convention on the avoidance of double taxation and recommendations of Financial Action Task Force (FATF).

The proposed slabs were 5pc, 7.5pc and 10pc for whitening of the assets though they could be changed before cabinet approval, the source said.

Moreover, the rates will also vary in cases of repatriation of assets to Pakistan and in cases of non-repatriation of foreign assets. However, it is not yet clear whether the government would link the scheme with the repatriation of wealth.