ISLAMABAD – President Dr Arif Alvi on Wednesday signed the ordinance forTax Amnesty Scheme-2019 which will allow the individuals to whiten theirundeclared assets.
According to the presidential ordinance, individuals will have to pay 4%tax to legalise their both domestic and abroad undeclared assets by June 30.
However, they will have to bring their foreign assets back to Pakistan orelse the tax payment will jump to 6% from 4%.
“10% tax will be imposed if the illegal assets are declared after June 30,20% if taxes are submitted in the second quarterly, 30% if taxes aresubmitted in the third quarterly and 40% if taxes are submitted in thefourth quarterly.
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However, for real estate, the rate would be 150% on notified rate of realestate by the FBR and 1.5pc tax will have to be paid”, the ordinance read.
Moreover, the scheme does not apply over public companies and upon thoseassets which have been made from commission money or other criminalactivities.
