President approves ordinance for tax amnesty scheme

ISLAMABAD (92 News) – President Mamnoon Hussain has approved an ordinance bringing into effect a tax amnesty scheme announced by Prime Minister Shahid Khaqan Abbasi. Earlier on April 5, the Prime Minister Shahid Khaqan Abbasi had announced the amnesty scheme for those who are not paying income tax amid to increase tax base and revenue. He said that the black money could be whitened by paying five percent tax. “The scheme is for every citizen. However, politicians cannot benefit from it. The scheme will continue till June 30,” he said. The prime minister said that the people not paying the taxes will be punished. He announced that there will be no tax on monthly income up to Rs 100,000. “Five percent tax will be applicable on the yearly income from Rs 1.2 million to Rs 2.4 million. Ten percent tax will be applicable on the yearly income from Rs 2.4 million to Rs 4.8 million, while 15 percent tax will be applicable on the yearly income above Rs 4.8 million,” he announced. PM Shahid Khaqan Abbasi said that the computerized national identity cards (CNICs) number will be the tax number. He said that the DC rate on property has been abolished. “The government will purchase a property at the double rate of the declared rate,” he said.