Tax Amnesty Scheme 2019
ISLAMABAD (Dunya News) – Prime Minister Imran Khan on Tuesday chaired a meeting of the federal cabinet at the Prime Minister office and approved Tax Amnesty Scheme 2019.
As per details, draft for Assets Declaration Ordinance 2019 was presented in the meeting for approval. However, final announcement regarding Tax Amnesty Scheme will be made soon.
According to documents available with Dunya News, the first stage of scheme would be completed in current fiscal year at the end of June.
During this time, 5% tax on benami assets would be implemented whereas 10% tax will be paid till September 30 to legalize illegal assets.Tax percentage would be 20% during October to December.
The final stage of the scheme will end on December 31, 2019. Property can be legalized by paying 1% tax before June while 2% tax would be implemented till September 30 and 4% till December 31 to clear the property.
Sources said that Tax Amnesty Scheme can be implemented under presidential ordinance.
The members also discussed monthly inflation rate and price control measures for essential commodities, steps taken for improvements in the educational system of the country, counselor policy for the assistance of imprisoned Pakistanis and appointment of judges in special courts of Karachi and Quetta.
A summary for extension of Regular Public Transport (RPT), charter, aerial work licence of Pakistan International Airlines (PIA) was also presented before the cabinet for its approval.
The government sought exemption of equipment donated by narcotics control of China to Pakistan, whereas, a Memorandum of Understanding (MoU) was also approved between National School of Public Policy (NSPP) and National Management Institute (NMI) of Egypt.
Earlier, finance advisor Dr Hafeez Shaikh presided over a session and accepted the Tax Amnesty Scheme after detailed review.
If the declaration is not based on facts, then the application will be void.