Rates of Tax Amnesty Scheme 2019
The Tax Amnesty Scheme 2019 approved on 14 May 2019 by the Prime Minister Imran Khan chairing the Federal Cabinet meeting. The rates of Tax Amnesty Scheme 2019 are as below: –
According to sources, the amnesty scheme recommends the following:
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Tax rates and value for assets by FBR
| Class of assets/ Income | Value | Rate of Tax |
| Domestic Immovable Properties – Land | Not less than 150% of value prescribed by the FBR under section 68 of ITO or 150% of DC value, whichever is higher | 1.5% |
| Domestic Immovable Properties – Constructed | Not less than 150% DC value where FBR value has not been notified for constructed property | 1.5% |
| Foreign Liquid Assets not repatriated | Not less than Fair Market Value or cost, whichever is higher, translated at exchange rates prevalent at date of declaration. | 6% |
| Foreign Liquid Assets Repatriated | Not less than Fair Market Value or cost, whichever is higher, translated at exchange rates prevalent at date of declaration. | 4% |
| Unexplained Expenditure | Not less than Fair Market Value or cost, whichever is higher | 4% |
| Undisclosed Sales | Not less than Fair Market Value or cost, whichever is higher | 2% |
| All assets except domestic immovable properties | Not less than Fair Market Value or cost, whichever is higher | 4% |
Default Surcharge
| Time of payment of tax | Default surcharge rate in addition to tax |
| 01st July 2019 to 30th September, 2019 | 10% of tax amount |
| 01st October 2019 to 31st December, 2019 | 20% of tax amount |
| 01st January 2020 to 31st March, 20120 | 30% of tax amount |
| 01st April 2020 to 30th June, 2020 | 40% of tax amount |
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