ISLAMABAD – Federal Board of Revenue (FBR) has proposed three to fourdifferent rates for legalisation of undisclosed assets, held domesticallyand abroad, and unexplained income/expenditure under the proposed AssetsDeclaration and Amnesty Scheme-2019.
It is learnt that the FBR has proposed three to four options in terms ofconditions and rates for the tax amnesty scheme and maximum rate may beoffered at 15 percent. The rates for tax amnesty may range from onepercent, 5 percent, 10 percent and 15 percent. Different rates have beenproposed to be applicable on domestic assets, foreign assets, benamiassets, and foreign liquid assets, etc. The public office-holders includingpoliticians and bureaucrats may be barred from availing this scheme.
The FBR has proposed that whitening of criminal proceeds in shape of moneylaundering and terror financing would not be allowed under the amnestyscheme. Such criminal proceeds or cases where litigation is under way onthese charges will also not be allowed to avail the amnesty scheme.
Another proposal under consideration is that lower rates would be offeredto those who bring back foreign currency into Pakistan to whiten theirassets.
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The government may allow last date for availing the scheme for declarationsand payment of taxes till June 30, 2019 or September 30, 2019.
The government would simultaneously implement carrot and stick policy formaking the scheme successful, sources added.
