Amnesty scheme to uplift economy
Amnesty scheme 2019 has been introduced and shall be implemented by means of an ordinance.
As stated by the ordinance, provisions of this act are applicable to undisclosed assets, undisclosed sales, undisclosed income of any person other than a public company.
Provisions are not applicable to:
- Government officers and their families specifically
- Any proceeds/income that are involved in any criminal offence.
Main motives of the scheme are:
- Declaration of undisclosed assets/income
- Uplifting economy by taxation
- Legalizing assets/income by paying taxation on chargeable
- Inflow of foreign assets/income, not belonging to the foreign real estate, into Pakistan to convert dollars to Pakistani rupees.
It is a huge opportunity for real estate holders to legalize their assets by paying just 1% of current Federal Board Revenue (FBR) value as per the ordinance before 30th June, 2019. Otherwise, tax shall vary as per final submission date.
This Amnesty scheme 2019 will be proved as a building block in uplifting Pakistan’s economy.