ISLAMABAD: President Dr Arif Alvi on Wednesday signed the ordinance for recently approved Tax Amnesty Scheme-2019 which will allow the individuals to whiten their undeclared assets.
According to the presidential ordinance, individuals will have to pay 4% tax to legalise their both domestic and abroad undeclared assets by June 30.
However, they will have to bring their foreign assets back to Pakistan or else the tax payment will jump to 6% from 4%.
“10% tax will be imposed if the illegal assets are declared after June 30, 20% if taxes are submitted in the second quarterly, 30% if taxes are submitted in the third quarterly and 40% if taxes are submitted in the fourth quarterly. However, for real estate, the rate would be 150% on notified rate of real estate by the FBR and 1.5pc tax will have to be paid”, the ordinance read.
Moreover, the scheme does not apply over public companies and upon those assets which have been made from commission money or other criminal activities.