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TAX AMNESTY SCHEME 2019

author Akbar Tejanidate June 24, 2019
TAX AMNESTY SCHEME 2019

ASSET DECLARATION SCHEME IN BRIEF

Who comes under this Scheme?

All persons covered under this Scheme except the following:

  • Public Office holders, their spouses, dependents and benamindars
  • Public Company ( as defined in section 2(47) of the Income Tax Ordinance)

What Assets are covered under this Scheme?

All Assets Covered under the Scheme Including:

  • Benami Assets acquired and held on or before the Date of Declaration
  • Undisclosed Assets – Pakistan & Abroad Acquired Up to 30th June 2018
  • Undisclosed Sales & Expenditures made incurred Up to 30th June 2018

What Items are excluded from Amnesty Scheme?

  • Assets, Sales & Expenditures where proceedings are pending in the court of law
  • Assets, Sales & Expenditures where tax proceedings initiated have been finalized
  • Assets / proceeds derived from Criminal Activities
  • Gold & Precious Stones
  • Bearer Assets Including Bearer Prize Bonds & other financial instruments

Mode & Manner to be used for Repatriation & Declaration of Assets held Outside Pakistan

  • Cash & Foreign Currency are to be deposited in bank accounts and held up to 30th June 2019, or invested in Pakistan Banao Certificates or other FCY Government bond
  • The State Bank of Pakistan has prescribed the mode & manner of repatriation of Assets held outside Pakistan and Payment of Tax thereon

What Else Should you know:

  • No allowance, credits or deduction under any law for the time being in force shall be available for assets so incorporated.
  • Where a declarant has made declaration under section 6, he shall be entitled to incorporate such assets, income or sales in his Income Tax Returns, wealth Statement and Books of Accounts.
  • This Scheme is Valid until 30th June 2019
  • Any tax or default surcharge paid under this Ordinance shall not be refundable.
  • Declarations made under this scheme is not valid evidence for prosecution under any law

CLASS OF UNDISCLOSED

ASSET OR INCOME

VALUE OF ASSETS OR INCOME

TAX RATES

Domestic Immovable Property 150% of FBR Value or DC Value Which Ever is Higher 1.5%
Foreign Liquid Assets not Repatriated Higher of Fair Market Value or Cost Translated at date of Declaration 6%
Foreign Liquid Assets Repatriated Same as Above 4%
Unexplained Expenditures Higher of Fair Market Value or Cost 4%
Undisclosed Sales 2%
Other Assets both Domestic & Foreign 4%
Foreign Immovable Property 4%
Foreign currency held in Foreign currency account in Pakistan 4%

TIME OF PAYMENT

DEFAULT SURCHARGE

Up to 30 June 2019 0% Default Surcharge
01st July to 30th September 2019 10% of Tax Amount
01st October to 31st December 2019 20% of Tax Amount
01st January 2020 to 31st March 2020 30% of Tax Amount
01st April 2020 to 30th June 2020 40% of Tax Amount

For further queries and assistance in filing asset declarations:

Phone:  +92 21 35243578-9
Email: info@befiler.com

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