{"id":52102,"date":"2019-05-15T15:40:09","date_gmt":"2019-05-15T10:40:09","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=52102"},"modified":"2019-05-17T13:48:24","modified_gmt":"2019-05-17T08:48:24","slug":"government-announces-its-first-tax-amnesty-scheme","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/government-announces-its-first-tax-amnesty-scheme.html","title":{"rendered":"Government announces its first tax amnesty scheme"},"content":{"rendered":"<p>Islamabad: The government has announced its tax amnesty scheme titled the \u2018Asset Declaration Scheme\u2019, following its approval by the cabinet; a news source reported.<\/p>\n<p><strong>Read<\/strong>:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/amnesty-schemes-details-finalised-approval-awaited.html\" target=\"_blank\" rel=\"noopener noreferrer\">Amnesty scheme\u2019s details finalised, approval awaited<\/a><\/p>\n<p>Advisor to the Prime Minister on Finance Dr Abdul Hafeez Shaikh briefed the media regarding the scheme. He stated that realistic targets and low rates had been set, with the aim of this amnesty provision being to document the economy, and not to generate revenue.<\/p>\n<p>The scheme will be in effect till June 30, 2019. As per sources, all Pakistanis will be eligible to apply for amnesty; except public office holders or their dependents.<\/p>\n<p>The highlights of the amnesty scheme pertaining to assets, other than real estate, are as follows:<\/p>\n<ul>\n<li>All domestic or foreign assets (except real estate) can be registered upon payment of 4% tax on the value of a particular asset.<\/li>\n<li>The \u2018whitened\u2019 cash assets will have to be kept within Pakistani bank accounts.<\/li>\n<li>People desirous of keeping their whitened money abroad will need to document the asset at a rate of 6% of its value.<\/li>\n<\/ul>\n<p>The highlights of the amnesty scheme for real estate are as follows:<\/p>\n<ul>\n<li>For declaration of property, the actual value of a property will be calculated at a rate that is 1.5 times higher than its accorded FBR value\u2013in order to bring its value at par with market rate.<\/li>\n<li>Such a property will then be documented\/whitened at a rate of 1.5% of its calculated actual value.<\/li>\n<\/ul>\n<p>The amnesty will also allow citizens to whiten their <em>benami<\/em> accounts and properties before the Benami Transaction (Prohibition) Act, 2017 is enforced.<\/p>\n<p>Answering questions regarding the amnesty scheme, the Minister of State for Revenue Hammad Azhar remarked that unlike past amnesty schemes, the current one makes it mandatory for people to declare their assets to become registered tax filers. It also provides options for businesspersons to revise their balance sheets.<\/p>\n<p><strong>Read<\/strong>:\u00a0<a href=\"https:\/\/www.zameen.com\/blog\/does-pakistan-need-another-amnesty-scheme-along-indonesian-lines.html\" target=\"_blank\" rel=\"noopener noreferrer\">Does Pakistan need another amnesty scheme along Indonesian lines?<\/a><\/p>\n<p>As per reports, under the current amnesty scheme, people will now be required to deposit all of their cash in hand into their bank accounts, and declare the sum along with a deposit slip as proof.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The government has announced its tax amnesty scheme titled the \u2018Asset Declaration Scheme\u2019, following its approval by the cabinet; a news source reported. Read:\u00a0Amnesty scheme\u2019s details finalised, approval awaited Advisor to the Prime Minister on Finance Dr Abdul Hafeez Shaikh briefed the media regarding the scheme. He stated that realistic targets and low rates had been set, with the aim of this amnesty provision being to document the economy, and not to generate revenue. The scheme will be in effect till June 30, 2019. As per sources, all Pakistanis will be eligible to apply for amnesty; except public office holders or their dependents. The highlights of the amnesty scheme pertaining to assets, other than real estate, are as follows: All domestic or foreign assets (except real estate) can be registered upon payment of 4% tax on the value of a particular asset. The \u2018whitened\u2019 cash assets will have to be kept within Pakistani bank accounts. People desirous of keeping their whitened money abroad will need to document the asset at a rate of 6% of its value. The highlights of the amnesty scheme for real estate are as follows: For declaration of property, the actual value of a property&hellip;<\/p>\n","protected":false},"author":67,"featured_media":52104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[11642],"persona":[],"class_list":{"0":"post-52102","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-government-announces-its-first-tax-amnesty-scheme"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Government announces its first tax amnesty scheme - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The government has announced its tax amnesty scheme titled the \u2018Asset Declaration Scheme\u2019, following its approval by the cabinet; a news source\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/government-announces-its-first-tax-amnesty-scheme.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government announces its first tax amnesty scheme - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The government has announced its tax amnesty scheme titled the \u2018Asset Declaration Scheme\u2019, following its approval by the cabinet; 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