TAX AMNESTY SCHEME 2019
Government of Pakistan has announced a new Tax Amnesty Scheme for 2019. According to this new scheme, individuals are allowed to declare & whiten their unannounced expenditures, sales & assets up till June 30th. This scheme is approved by the federal cabinet in effect by Presidential Ordinance on May 14, 2019.
WHO CAN AVAIL THIS SCHEME
All the companies, associations of persons & individuals can avail this scheme to whiten their undeclared assets including foreign as well, on minimal tax rate. The main points on this scheme includes:
- Declared Cash must be kept in bank accounts at rate of 4%.
- On declaration of Real Estate, it will be 150% of the FBR assigned value.
- For keeping your money abroad, 6% of tax will be applied.
- 2% tax for declared sales & supplies.
- For local immovable property, 1.5% tax will be applied.
- For foreign immovable property, fair market value would be determined at an exchange rate on the declared date.
The tax can be paid in quarterly basis till June 30, 2020. In case of late payment it will be increased by 20 to 40% till the deadline.
Also Read : Top Commercial Projects in Islamabad For Investment 2019
WHO CANNOT TAKE PART IN THE TAX AMNESTY SCHEME
It must be noted that this scheme cannot be availed by any government employee including President, Prime Minister, Chief Minister, Ministers, Chief Justices of Pakistan, Judges, their spouses or children. Any government or public Limited company along with gold, stones, bonds or shares are also not part of this scheme. Furthermore, domestic or foreign earned income is also not part of this scheme.
The proposal for this scheme was submitted on April 16th, 2019. After several modifications it was approved on May 14th 2019. The scheme envisions to boost up the economy by documenting the dead & hidden assets.
source : Dawn
You May also Like this
Skyscrapers on GT Road permitted by RDA Rawalpindi Development Authority (RDA) allowed...
, & have applied for direct access from Motorway M2, according to...
RDA Operation against 5 Illegal Housing Societies Rawalpindi Development Authority (RDA) launched...
Bahria Town Peshawar Sales & Marketing Office Launched in an auspicious event...
Monal Restaurant Islamabad, located in Margalla Hills, actually built on land that...
Emaar Canyon Views announced new date to submit application for commercial plots....
Capital Development Authority (CDA) directed by Islamabad Chamber of Commerce and Industry...
Capital Development Authority (CDA) decided to start balloting for Islamabad Sector C-14....
Capital Smart City Islamabad in collaboration with Freij Entertainment signed an agreement....
officially launched in a ceremony held at Serena Hotel, Islamabad. Several individuals...
Naya Pakistan Housing Programme (NPHP) last date is October 15. The process...
Pakistan decided to take measures against the black money or money laundering...
has recently announced its policy for Platinum Balloting. It has urged individuals...
(CDA) decided to restart the development work on stalled Kuri Model Village....
has successfully retrieved almost 15 thousand Kanal of land from illegal occupants....
(RDA) has decided to initiate the construction of commercial skyscraper at Murree...
(CDA) revealed several edifices used as an apartment complex have not acquired...
(FBR) has issued warning notices to garment outlets & boutiques. Federal institution...
(CDA) reconstructed the sector I-14’s main double road. This work is done...
The (PHA) is all set to launch Burj Khalifa-styled Hologram Advertisement in...
(RCB) affirmed to destroy all buildings that are being constructed without any...
(RDA) invited bids to finalize the process of selecting consultancy firms. It...
(PHA) asked government of Punjab to establish underground electricity provision system in...
The Bhara Kahu Flyover construction will be started within coming 6 months....
For the collection of Capital Value Tax (CVT), revenue department of Islamabad...
(RCB) gears up to start operations against healthcare units now. All the...
Over 500 tenants of Islamabad rushed to various to register themselves. Concerned...
of Pakistan seeks report from Capital Development Authority (CDA and MunicipalC Corporation...
(CDA) started dissembling ramshackle Burma Bridge. However, the final approval for the...
(CDA) proposed 12 and 7 locations in urban and rural area respectively....
Naya Pakistan Housing Program (NPHP ) is moving one step forward towards...
(CDA), on directives of Prime Minister Imran Khan, forwarded list of new...
Naya Pakistan Housing Project () opened online registration portal for convenient registration....
(RDA) finally came into action against all the unapproved & illegal housing...
(RCB) issued notices to 20 building owners. These notifications address the violation...
FBR (FBR) is an attached department on Ministry of Finance, Pakistan. This...
FBR (FBR) is an attached department on Ministry of Finance, Pakistan. This...
(CDA) began reconstruction work on Burma Bridge. It is present alongside Lehtrar...
Rawalpindi Murree Road is going to become a signal-free route. This decision...
(RDA) all set to update the master plan for City, Rawalpindi. Provincial...
(CDA) asked by Builders & Developers Association (BDA) to seize the anti-encroachment...
Federal Commission has rejected the ’s (CDA) proposal to build more than...
Executive Committee of National Economic Council (ECNEC) grants approval for land acquisition...
(CDA) finalized the bidding process for construction of Burma Bridge. 6 companies...
Un Approved / Under Process Housing Societies in RDA Rawalpindi Development Authority...
Naya Pakistan Housing Project (NPHP) registration process has started nationwide. This program...
Rawalpindi Development Authority () decided to make an inspection team to scrutinize...
Capital Development Authority () recently approved new rules & regulations regarding the...
Federal Government of Pakistan has decided to build Naya Pakistan Economic Zone...
(NAB) has disseminated cheques worth more than Rs.200 million to the...
(RDA) affirmed 14 residential projects unlawful as per resources. Under Punjab Private...
(FBR) has extended Tax amnesty scheme till August the 2nd. People can...
An immense rise in selling & purchasing of property is witnessed in...
Rawalpindi Development Authority (RDA) has cancelled the Initial Planning permission (IPP) of...
The (FBR) planned to revise the valuation rate of immovable property that...
Capital Development Authority () issued warning notices to various hotels & motels...
Capital Development Authority () has decided the suspension of its sanitary staff....
Capital Development Authority (CDA), in wake of latest developments, has declared 8...
Capital Smart City DHA Merger In light of recent notification, Capital Smart...