Sources told The Express Tribune that the government is considering bringing an amendment to Section 111 (4) of the Income Tax Ordinance that deals with unexplained income. A few years ago, the then government had reduced the limit from Rs10 million to Rs5 million to reduce the chances of converting black money into white money. The sources said there is a proposal to replace “Rs5 million” with “$100,000” in the relevant section. At the current rupee-dollar parity, Rs5 million are equal to $17,500 while $100,000 are equal to Rs29 million. Any such move to relax the Rs5 million foreign remittances without disclosing the source of income will be treated as an amnesty.

Source: The Express Tribune June 08, 2023 07:20 UTC