{"id":561,"date":"2019-06-24T19:12:32","date_gmt":"2019-06-24T19:12:32","guid":{"rendered":"https:\/\/www.befiler.com\/?p=561"},"modified":"2021-11-15T11:47:06","modified_gmt":"2021-11-15T11:47:06","slug":"tax-amnesty-scheme-2019","status":"publish","type":"post","link":"https:\/\/www.befiler.com\/wordpress\/tax-amnesty-scheme-2019\/","title":{"rendered":"TAX AMNESTY SCHEME 2019"},"content":{"rendered":"

ASSET DECLARATION SCHEME IN BRIEF<\/strong><\/h3>\n

Who comes under this Scheme?<\/strong><\/h4>\n

All persons covered under this Scheme except the following:<\/p>\n

    \n
  • Public Office holders, their spouses, dependents and benamindars<\/li>\n
  • Public Company ( as defined in section 2(47) of the Income Tax Ordinance)<\/li>\n<\/ul>\n

    What Assets are covered under this Scheme?<\/strong><\/h4>\n

    All Assets Covered under the Scheme Including:<\/p>\n

      \n
    • Benami Assets acquired and held on or before the Date of Declaration<\/li>\n
    • Undisclosed Assets \u2013 Pakistan & Abroad Acquired Up to 30th<\/sup> June 2018<\/li>\n
    • Undisclosed Sales & Expenditures made incurred Up to 30th<\/sup> June 2018<\/li>\n<\/ul>\n

      What Items are excluded from Amnesty Scheme?<\/strong><\/h4>\n
        \n
      • Assets, Sales & Expenditures where proceedings are pending in the court of law<\/li>\n
      • Assets, Sales & Expenditures where tax proceedings initiated have been finalized<\/li>\n
      • Assets \/ proceeds derived from Criminal Activities<\/li>\n
      • Gold & Precious Stones<\/li>\n
      • Bearer Assets Including Bearer Prize Bonds & other financial instruments<\/li>\n<\/ul>\n

        Mode & Manner to be used for Repatriation & Declaration of Assets held Outside Pakistan<\/strong><\/h4>\n
          \n
        • Cash & Foreign Currency are to be deposited in bank accounts and held up to 30th<\/sup> June 2019, or invested in Pakistan Banao Certificates or other FCY Government bond<\/li>\n
        • The State Bank of Pakistan has prescribed the mode & manner of repatriation of Assets held outside Pakistan and Payment of Tax thereon<\/li>\n<\/ul>\n

          What Else Should you know:<\/strong><\/h4>\n
            \n
          • No allowance, credits or deduction under any law for the time being in force shall be available for assets so incorporated.<\/li>\n
          • 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.<\/li>\n
          • This Scheme is Valid until 30th<\/sup> June 2019<\/li>\n
          • Any tax or default surcharge paid under this Ordinance shall not be refundable.<\/li>\n
          • Declarations made under this scheme is not valid evidence for prosecution under any law<\/li>\n<\/ul>\n\n\n\n\n\n\n\n\n\n\n\n
            \n

            CLASS OF UNDISCLOSED<\/strong><\/h4>\n

            ASSET OR INCOME<\/strong><\/h4>\n<\/td>\n

            		\n

            VALUE OF ASSETS OR INCOME<\/strong><\/h4>\n<\/td>\n

            		\n

            TAX RATES<\/strong><\/h4>\n<\/td>\n<\/tr>\n

            Domestic Immovable Property<\/td>\n150% of FBR Value or DC Value Which Ever is Higher<\/td>\n1.5%<\/td>\n<\/tr>\n
            Foreign Liquid Assets not Repatriated<\/td>\nHigher of Fair Market Value or Cost Translated at date of Declaration<\/td>\n6%<\/td>\n<\/tr>\n
            Foreign Liquid Assets Repatriated<\/td>\nSame as Above<\/td>\n4%<\/td>\n<\/tr>\n
            Unexplained Expenditures<\/td>\nHigher of Fair Market Value or Cost<\/td>\n4%<\/td>\n<\/tr>\n
            Undisclosed Sales<\/td>\n2%<\/td>\n<\/tr>\n
            Other Assets both Domestic & Foreign<\/td>\n4%<\/td>\n<\/tr>\n
            Foreign Immovable Property<\/td>\n4%<\/td>\n<\/tr>\n
            Foreign currency held in Foreign currency account in Pakistan<\/td>\n4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n
            \n

            TIME OF PAYMENT<\/strong><\/h4>\n<\/td>\n

            		\n

            DEFAULT SURCHARGE<\/strong><\/h4>\n<\/td>\n<\/tr>\n

            Up to 30 June 2019<\/td>\n0% Default Surcharge<\/td>\n<\/tr>\n
            01st<\/sup> July to 30th<\/sup> September 2019<\/td>\n10% of Tax Amount<\/td>\n<\/tr>\n
            01st<\/sup> October to 31st<\/sup> December 2019<\/td>\n20% of Tax Amount<\/td>\n<\/tr>\n
            01st<\/sup> January 2020 to 31st<\/sup> March 2020<\/td>\n30% of Tax Amount<\/td>\n<\/tr>\n
            01st<\/sup> April 2020 to 30th<\/sup> June 2020<\/td>\n40% of Tax Amount<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

            For further queries and assistance in filing asset declarations:<\/strong><\/h4>\n

            Phone:\u00a0 <\/strong>+92 21 35243578-9
            \nEmail:<\/strong> info@befiler.com<\/p>\n","protected":false},"excerpt":{"rendered":"

            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 […]<\/p>\n","protected":false},"author":1,"featured_media":576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-news-and-social-trends"],"_links":{"self":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/posts\/561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/comments?post=561"}],"version-history":[{"count":0,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/posts\/561\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/media\/576"}],"wp:attachment":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/media?parent=561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/categories?post=561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/tags?post=561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}