Amnesty Scheme fails to achieve objectives

FBR sources told that it will be difficult to achieve the tax targets despite Amnesty Scheme.

ISLAMABAD (Dunya News) – Prime Minister (PM) Imran Khan’s Tax Amnesty Scheme has failed to attract the people as only one thousand locals have declared their assets so far.

According to details, eight days have been left in the expiry of the scheme but the government has not received fruitful results. Pakistanis having 1,52,000 secret foreign accounts are also showing least interest in the scheme.

Federal Board of Revenue (FBR) sources told that it will be difficult to achieve the tax targets despite Amnesty Scheme.   Earlier on May 15, Federal Cabinet had approved Tax Amnesty Scheme 2019. The first stage of scheme would be completed in current fiscal year at the end of June. During this time, 5% tax on benami assets would be imposed on the individuals whereas they will pay 10% tax till September 30 to legalize their illegal assets. The final stage of the scheme will end on December 31, 2019. Individuals can legalize their property by paying 1% tax till June 2019 while 2% tax would be imposed till September 30 and 4% till December 31 on citizens to clear their property.

Moreover, 3% tax would be imposed on the citizens to declare their undeclared sales.

Those who took charge of government offices after 2000 will not get benefit with this scheme.