TAX AMNESTY SCHEME 2019

INU Corporate > Blog > TAX AMNESTY SCHEME 2019

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 Assets acquired and held on or before the Date of Declaration
  • Undisclosed Assets – Pakistan & Abroad Acquired Up to 30th June 2018
  • Undisclosed Sales & Expenditures made incurred Up to 30th June 2018

What Items are excluded from Amnesty Scheme?

  • Assets, Sales & Expenditures where proceedings are pending in the court of law
  • Assets, Sales & Expenditures where tax proceedings initiated have been finalized
  • Assets / proceeds derived from Criminal Activities
  • Gold & Precious Stones
  • Bearer Assets Including Bearer Prize Bonds & other financial instruments

Mode & Manner to be used for Repatriation & Declaration of Assets held Outside Pakistan

  • Cash & Foreign Currency are to be deposited in bank accounts and held up to 30th June 2019, or invested in Pakistan Banao Certificates or other FCY Government bond
  • The State Bank of Pakistan has prescribed the mode & manner of repatriation of Assets held outside Pakistan and Payment of Tax thereon

What Else Should you know:

  • No allowance, credits or deduction under any law for the time being in force shall be available for assets so incorporated.
  • 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.
  • This Scheme is Valid until 30th June 2019
  • Any tax or default surcharge paid under this Ordinance shall not be refundable.
  • Declarations made under this scheme is not valid evidence for prosecution under any law
CLASS OF UNDISCLOSED ASSET OR INCOMEVALUE OF ASSETS OR INCOMETAX RATES
Domestic Immovable Property150% of FBR Value or DC Value Which Ever is Higher1.5%
Foreign Liquid Assets not RepatriatedHigher of Fair Market Value or Cost Translated at date of Declaration6%
Foreign Liquid Assets RepatriatedSame as Above4%
Unexplained ExpendituresHigher of Fair Market Value or Cost4%
Undisclosed Sales2%
Other Assets both Domestic & Foreign4%
Foreign Immovable Property4%
Foreign currency held in Foreign currency account in Pakistan4%
TIME OF PAYMENTDEFAULT SURCHARGE
Up to 30 June 20190% Default Surcharge
01st July to 30th September 201910% of Tax Amount
01st October to 31st December 201920% of Tax Amount
01st January 2020 to 31st March 202030% of Tax Amount
01st April 2020 to 30th June 202040% of Tax Amount

For further queries and assistance in filing asset declarations:

Phone:  +92 300 0757533
Email: info@inucorporate.com

2 Comments

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    January 26, 2022 @ 1:30 pm

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    • February 1, 2022 @ 11:26 am

      Thanks for your positive feedback… 🙂

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