In December 2016, the National Assembly had passed an open-ended tax amnesty scheme that allowed people to retain 97% of ill-gotten and tax-evaded money. It added Section 236-W to the Income Tax Ordinance that made the amnesty scheme permanent. Dealers are declaring two types of prices – one for provincial taxes and the other for federal taxes. The PTI government is also working on its own tax amnesty scheme, which is more comprehensive in its scope than the last scheme of the PML-N government. A commentary by Tola Associates shows that the 2018 tax amnesty scheme did not cover Benami assets, undeclared sales and production and undisclosed expenditures.

Source: The Express Tribune April 09, 2019 03:11 UTC