*ISLAMABAD: The federal government has given approval to tax amnesty schemeduring a cabinet session held under the chair of Prime Minister Imran Khan.*
An important briefing will be given by FBR chairman Shabbar Zaidi andadvisor on information Firdous Ashiq Awan on the new tax amnesty scheme at4:15 pm in Islamabad.
Sources said that the scheme will be applicable to benami bank accounts,whereas, it would be effective for the persons whose cases are pending inthe courts.
The individuals, who took charge of government offices after 2000 will notbe benefitted with the amnesty scheme.
Suggestions were made during the cabinet meeting to set 4 per cent taxationfrom the persons who declare their properties till December 31 and 2 percent for assets’ declaration till September 30, sources said.
Moreover, six per cent tax will be collected on the declaration of foreignassets and four per cent taxation on declaring assets inside the country.
Five per cent tax will be implemented on the declaration of foreign assetstill June 30 while it would be increased to 20 per cent till December 31,sources said.
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The declared cash assets will be submitted to Pakistani banks and theindividual, who are willing to get the benefits of the amnesty scheme, willalso have to submit their tax returns.
Earlier, Prime Minister Imran Khan reviewed the country’s economic andpolitical situation while chairing a meeting of the federal cabinet.
Among the agendas to be discussed at the meeting is the proposed taxamnesty scheme. The FBR Chairman Shabbar Zaidi is expected to brief thecabinet about the scheme.
Sources said the scheme will be introduced through a Presidential Order.
