Govt mulls to reduce tax rates, include real estate sector in tax amnesty scheme draft
Last updated on: 27 April,2019 12:40 pm
Means to financially secure tax-filers would be ensured, according to proposals in the scheme.
ISLAMABAD (Dunya News) – Consultation to finalise and refine the tax amnesty scheme — Asset Declaration Scheme — under the leadership of Finance Adviser to Prime Minister Dr Abdul Hafeez Shaikh, could not be completed yet, however the final draft is scheduled to be tabled on Monday for a review in the meeting of the federal cabinet to be held on April 30.
According to sources, reduction in tax rates and inclusion of real estate sector is being considered for the scheme. Furthermore, experts claim that the process has been delayed due to incompletion of consultation.
Besides, recommendations on granting exemption to holders of benami assets from being issued notices and inclusion of benami cases are also being considered by the finance department.
Moreover, means to financially secure tax-filers would be ensured, according to proposals in the scheme.
Hafeez gave directions to the Federal Board of Revenue (FBR) to devise a successful communication strategy in order to ensure people can easily comprehend the scheme.