New features revealed in Tax Amnesty Scheme 2019

New features revealed in Tax Amnesty Scheme 2019

ISLAMABAD: Foreign assets can be liquidated and repatriated to Pakistan if they are deposited into a bank account or invested in Pakistan Banao Certificate or in foreign currency denominated bonds under the proposed amnesty scheme of the government, it was learnt on Monday.

Finding no other solution other than allowing the inclusion of grey economy in the tax net for economic revival, the government is all set to introduce new amnesty scheme wherein the suggested rate of tax would range from one per cent to 15pc, said sources.

According to details, the recently appointed finance adviser Dr Abdul Hafeez Shaikh has asked the Federal Board of Revenue to prepare an amended draft on the proposed amnesty scheme , which would be presented before the federal cabinet for final approval.

Sources said that the PM’s advisor on finance was against some terms and conditions, tax rate and slabs, which were already suggested in the draft of Asad Umar’s amnesty scheme .