Tax amnesty scheme extended till July 31

ISLAMABAD (92 News) – The federal cabinet has approved to extend the tax amnesty scheme until July 30. As per details garnered, President Mamnoon Hussain signed the tax amnesty ordinance confirming the 31-day extension in the tax amnesty scheme. The tax amnesty scheme announced by the Pakistan Muslim League-N (PML-N) government earlier this year, this scheme came into effect on April 10, 2018. Accordingly, June 30 was supposed to be the last day to avail the scheme. The scheme has been cited as an opportunity for people to file their local and foreign assets without facing any consequences. The FBR has warned that holders of undeclared local and foreign assets will face consequences if they do not declare assets after the tax amnesty scheme expires. Earlier on April 5, the outgoing 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 former 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.