Federal Cabinet Approves Tax Amnesty Scheme
Islamabad : Tax Immensity Scheme have been approved by cabinet Chaired by Prime Minister Imran Khan.
PTI govt announced its ever fist Tax amnesty Scheme .when PTI was in opposition they are strong opponents of tax amnesty schemes brought by PMLn and PPP. Imran Khan believes that such schemes are to protect corruption of own ministers and other authorities. Imran Khan addressing to a jalsa before winning election said if we will win election we will investigate amnesty scheme given by PMLN Asad Umer had the same point of view about amnesty scheme .
Now they are doing the same here question is that , Is PTI protecting their minster's corruption by amnesty scheme or they are compelled to do so do to tax collection deficit .According to my point of view second reason is much valid because government have badly failed to collect tax. FBR announced that this year they have be failed to collect around 5 billion rupees limit set by FBR. Following are the benefits offered by government on behalf of this scheme .
- Only 5% Tax on declaration of individual assets Till June-30,2019
- 10 % Deduction of tax on declaration of assets till 30 September-2019
- 20 % Deduction of tax on declaration of assets till 31 December-2019
- Recommendation for Real estate and Investment in Pakistan Banao Certificate on all of the declaring assets abroad
- Only 1 % Tax for all declaring properties till June 30,2019.
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- Only 2 % Tax for all declaring properties till September 30,2019.
- Only 4 % Tax for all declaring properties till December 31st , 2019
- Scheme will be applicable as benami.
- For undeclared sales 3% Tax.
- The scheme will be applicable for all those cases which are being heard in courts .
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