Federal Cabinet approves Tax Amnesty Scheme

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Federal Cabinet meets today to discuss political, economic situation

ISLAMABAD: The Federal Cabinet on Tuesday approved the Tax Amnesty Scheme to bring the undelare assets under the tax net and increase government revenue.
Prime Minister Imran Khan chaired the federal cabinet meeting at the Prime Minister office. According to details, draft for Assets Declaration Ordinance 2019 was presented in the meeting for approval. However, final announcement regarding Tax Amnesty Scheme will be made soon. The scheme will be for all citizens and companies. It will not be applicable on those whose cases are pending in court.
People living in Pakistan can declare their assets after paying 4% tax. Those living outside the country will have to pay 6% in taxes and declare their assets, according to the proposed amnesty scheme.
It ends on June 30, 2019 and there will reportedly be no extension.
FBR chairperson Shabbar Zaidi will conduct a briefing over the modalities of the tax amnesty scheme at 4:30pm today (Tuesday).
Media reported that Tax Amnesty Scheme can be brought under presidential ordinance.
The members also discussed monthly inflation rate and price control measures for essential commodities, steps taken for improvements in the educational system of the country, counselor policy for the assistance of imprisoned Pakistanis and appointment of judges in special courts of Karachi and Quetta.
A summary for extension of Regular Public Transport (RPT), charter, aerial work licence of Pakistan International Airlines (PIA) was also presented before the cabinet for its approval.
The government sought exemption of equipment donated by narcotics control of China to Pakistan, whereas, a Memorandum of Understanding (MoU) was also approved between National School of Public Policy (NSPP) and National Management Institute (NMI) of Egypt.
Earlier, finance advisor Dr Hafeez Shaikh presided over a session and accepted the Tax Amnesty Scheme after detailed review.

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