Govt not to extend PM's tax amnesty scheme
The scheme aims to deal with the defaulters according to strict tax laws after the deadline.
ISLAMABAD (Dunya News) – Government decided not to extend Prime Minister Nawaz Sharif’s tax amnesty scheme, meaning that the tax defaulters have a window of opportunity to take advantage of exemption from audit, penalties and additional tax until April 30 only.
According to Federal Board of Revenue (FBR), those who have not yet filed tax returns, the registered and unregistered taxpayers can benefit from this scheme until April 30 only.
As per the scheme, the existing taxpayers will not be audited if they pay 25% additional tax compared to the previous year’s tax amount.
Scheme also allows new tax payers an opportunity to escape penalties and additional taxes only by paying Rs 25,000 per annual tax for the past five years.
Following the April 30 deadline, information could be corrected until May 15 after which the final General tax directory will be issued.
After the deadline, the defaulters will be dealt with according to existing laws.
According to FBR, the number of those who filed tax returns after Prime Minister’s scheme has increased. The government continues to aim at increase in the tax net in the new financial year.
Finance Minister Ishaq Dar presided a session at FBR where the withdrawal of SROs regarding rebate on taxes in the new fiscal budget was discussed.
Finance Minister directed not to withdraw SROs issued for the benefit of common persons.
