Federal Cabinet approves Amnesty Scheme 2019 ~ ACCOUNTING AND TAX JOURNAL

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Tuesday, May 14, 2019

Federal Cabinet approves Amnesty Scheme 2019


According to sources, the amnesty scheme recommends the following:

5 per cent tax on individuals declaring assets by June 30, 2019

10 per cent tax on individuals declaring assets by September 30, 2019

20 per cent tax on individuals declaring assets by December 31, 2019

Recommendation for investment in Pakistan Banao Certificates for those declaring assets abroad

Recommendation for tax amnesty scheme for real estate sector

1 per cent tax on those declaring property by June 30, 2019

2 per cent tax on those declaring property by September 30, 2019

4 per cent tax on those declaring property by December 31, 2019

The scheme will also be applicable on benami accounts

3 per cent tax on undeclared sales

The scheme cannot be availed by individuals holding government positions after 2000

The scheme will not be applicable on cases being heard in court
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Greetings! My name is Tasleem Faraz Minhas author of this blog and I am a Tax Consultant by profession having more than 12 years of experience in the field of Accounting, Finance and Taxation.

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