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FBR proposes three to four rates for tax amnesty scheme

FBR proposes three to four rates for tax amnesty scheme

ISLAMABAD: Federal Board of Revenue (FBR) has proposed three to four different rates for legalization of undisclosed assets, held domestically and abroad and unexplained income and expenditure under the proposed Assets Declaration and Amnesty Scheme-2019.

Sources told Customs Today that the FBR has proposed three to four options in terms of conditions and rates for the tax amnesty scheme and maximum rate may be offered at 15 percent.

The rates for tax amnesty may range from one percent, 5 percent, 10 percent and 15 percent. Different rates have been proposed to be applicable on domestic assets, foreign assets, benami assets, and foreign liquid assets, etc.

The public office-holders including politicians and bureaucrats may be barred from availing this scheme. The FBR has proposed that whitening of criminal proceeds in shape of money laundering and terror financing would not be allowed under the amnesty scheme.

Such criminal proceeds or cases where litigation is underway on these charges, will also not be allowed to avail the amnesty scheme. Another proposal under consideration is that lower rates would be offered to those who bring back foreign currency into Pakistan to whiten their assets.

The government may allow last date for availing the scheme for declarations and payment of taxes till June 30, 2019 or September 30, 2019. The government would simultaneously implement carrot and stick policy for making the scheme successful, sources added.