ISLAMABAD: The Federal Board of Revenue (FBR) has recommended three phasesfor the new tax amnesty scheme for undeclared assets.
According to a tax amnesty draft prepared by the FBR, the asset declarationscheme would be launched through the promulgation of the presidentialordinance.
The FBR has recommended three phases for the amnesty scheme for the periodending June 30, September 30, and December 31, 2019. The rate of tax forundeclared assets (other than domestic real estate/undisclosed income) hasbeen recommended at 5pc, 10pc and 20pc for first, second and third phase,respectively.
Besides this, the value of foreign assets to be declared under thisordinance shall be converted into Pak Rupees by applying the exchange rateprevalent on the date of declaration.
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The amnesty scheme shall cover the real estate sector at one per cent, twoper cent and four per cent for three phases at fair market value (not lessthan value prescribed by the FBR under Section 68 of Income Tax Ordinance,2001), as declared by the declarant.
In addition, the undisclosed sales shall be chargeable to tax at the rateof 3pc of such sales in lieu of sales tax and federal excise duty.
