[The Nation 14 April, 2019]

ISLAMABAD: Minister for Parliamentary Affairs Ijaz Ahmed Shah Saturday said Pakistan Tehreek-e-Insaaf (PTI) government will announce ‘tax amnesty scheme’ in next week through presidential ordinance.

Prime minister Imran Khan had recently approved in principle the first tax amnesty scheme that will reportedly provide people with the means to legitimise all kinds of offshore and onshore undeclared assets. The incumbent government, with this scheme, is trying to bridge the tax collection shortfall. The government may generate around Rs150 to Rs200 billion after the successful implementation of scheme. The scheme is reportedly declared as a chance for the people of country to declare their hidden assets by paying nominal tax.

The proposed scheme would also cover declaration of undisclosed assets, Benami assets, sales and income on or before 30th June, 2018. Tax rates range from 5 percent to 10 percent with certain exceptions. Under the draft scheme, the rate of tax for Benami assets reportedly may be 10 percent while for foreign liquid assets repatriated into Pakistan, the tax rate may be 5 percent. The tax amnesty scheme will be announced after Finance Minister Asad Umar return to the country from his US visit.