Daily The Business

President signs tax amnesty scheme ordinance

By Our Staff Correspondent

ISLAMABAD: President Dr Arif Alvi has signed the tax amnesty scheme ordinance 2019.
Following President’s signature this tax amnesty scheme will stand enforced with immediate effect across the country. This issued amnesty scheme by government will apply to the undeclared assets that were obtained till June 30, 2018.
Under this scheme, tax with the percentage of 4 percent will have to be paid on the immovable properties inside the country while benefit can be taken till June 30, 2020, after paying fine.
It is vital to mention here that this scheme will not be applicable to properties or assets cases pending hearing with the courts.
It will not be applicable to government employees.
According to amnesty scheme, assets can only be declared till June 30, 2019, however after June 30, benefit can be taken from the amnesty scheme after paying fine over declared assets.
Scheme will not apply to those having gold, diamond, prize bounds or money acquired through commission or illegal ways.
Announcement regarding assets can be made till June 30, 2019 and later the hidden assets cannot be disclosed.

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