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Federal Cabinet approves tax amnesty scheme


ISLAMABAD: Prime Minister Imran Khan chaired the Federal Cabinet meeting on Tuesday during which he approved the tax amnesty scheme.

ccording 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
  • The cabinet is also expected to be briefed on proposed measures to control prices of essential commodities amid rising inflation.
    It is also expected to discuss the $6 billion bailout package agreed upon with the International Monetary Fund.
    Furthermore, the cabinet is likely to approve a counsellor policy for the assistance of imprisoned Pakistanis and appointment of judges in special courts of Karachi and Quetta, among other matters.
    A day ago, newly appointed chairman of the Federal Board of Revenue (FBR) Shabbar Zaidi said the government's focus was to enhance direct tax net to improve the economy.

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