Islamabad: The beneficiaries of the recently approved tax amnesty scheme will be required to pay an additional 10% to 40% penalty on their due tax amounts if they failed to clear them by June 30, 2019, a news source reported. Please note that June 30 is also the last date to avail the said scheme.
President Arif Alvi signed the Asset Declaration Ordinance 2019 into law on Wednesday, while the federal cabinet approved the scheme only one day earlier.
The owners of undeclared local and offshore asset who choose to avail the scheme by June 30, but fail to make their payments by this time, will be mandated to pay an additional 10% to 40% figure of the tax amount originally due. The tax slabs in this regard have already been determined.
The default surcharge to be imposed on individuals clearing their payments between June 30 and September 30 has been set at 10%. The percentage set for those making payments between September 30 and December 31 stands at 20%. People who will clear their dues in the first and second quarters of 2020 would be required to pay an additional 30% and 40% surcharge, respectively, on their original tax amount.