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Govt tax amnesty scheme hopes to pull in Rs250b in tax

Govt tax amnesty scheme hopes to pull in Rs250b in tax

ISLAMABAD: The federal government is all set to announce another tax amnesty scheme on April 15, in a bid to facilitate benami accounts or assets holders to whiten their money, hoping to generate around Rs250 billion revenue.

“Since the decision has been made about the asset declaration scheme, we will be sharing details of the new scheme next week,” said Finance Minister Asad Umar while addressing the launching of ‘Medium Term Economic Framework’ here on Monday.

According to an official, the new amnesty scheme is expected to generate around Rs250 billion revenue, unlike the Rs150 billion generated through the previous scheme which was launched by the previous PML-N government.

The government is expected to give a chance to ‘benami’ accounts or assets holders to whiten their money by up to 10% tax offer in the new amnesty scheme which will end on June 30, 2019.

All companies and individuals except holders of public office since 1/1/2000, their spouses, children, brother and sisters or lineal ascendant or descendant; proceeds derived from commission of a criminal offence; and cases pending before a court of law with the exception of older pending litigation will be eligible to benefit from the scheme.