The amnesty scheme – which will be initially launched for 45 days through a presidential ordinance – will be discussed in the federal cabinet’s meeting on Tuesday. 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 foreign amnesty scheme declarations showed 25% declarations in immovable properties (UAE, UK, Canada). The last amnesty scheme, according to sources, did not lead to a higher number of tax returns or higher tax payments for return of the tax year 2018 and undisclosed properties and bank accounts remained undisclosed. The new policies of FBR have been prepared keeping in view these points and the government is hoping to double the tax revenue through the new scheme, sources added.

Source: Pakistan Today April 08, 2019 17:36 UTC