‘Amnesty scheme beneficiaries to be protected from NAB, FBR, FIA’
The beneficiaries of Tax Amnesty Scheme-2018 will be given complete protection from National Accountability Bureau (NAB), Federal Board of Revenue (FBR) and Federal Investigation Agency (FIA).
This was stated by Commissioner Inland Revenue (Zone-III), Ayesha Imran Butt while addressing a media conference here at Regional Tax Office-II on Wednesday. However, she made it clear that politicians, bureaucrats, public office holders or their family members including wife/children could not benefit from the amnesty scheme.
Responding to journalists’ queries, the Commissioner said that people having undeclared assets in foreign countries could legalize these after paying only three percent fine, however, their foreign bank accounts would be legalized on payment of tax at the rate of five percent. She added that all the local and foreign liquid assets/money which was possessed by the respective persons before June 30, 2018, could also be decriminalized through payment of five percent tax.
To another question, Ayesha Imran Butt explained that only two percent tax would be charged on repatriation of foreign asset/money by the respective individuals. The people having local and foreign liquid asset/money could also purchase bonds from the government on a five-year term and the government would pay them annual rebate at three percent, however, these bonds could not be cashed at least before one year period.
She mentioned that encashment of these bonds would be done in Pak rupees and at the then interbank rate.
Like past years, she said, the Federal Board of Revenue (FBR) had also introduced Tax Amnesty Scheme this year for benefit of the business community, so the business doing people could get maximum benefit by legalizing their undeclared assets such as cash, prize bonds, vehicles, house/building, and immovable property, after paying tax at the rate of five percent.
Ayesha informed that 700,000 individuals had benefited from the previous Tax Amnesty Scheme-2015, adding that the government, however, reduced substantially the tax ratio in the current scheme in an effort to make it more successful with maximum participation of the individuals having undeclared assets.
She said that with the introduction of Tax Amnesty Scheme-2018, the people having up to Rs 1.2 million income per annum or Rs 100,000 per month, would now pay Rs 2,000 tax monthly, asserting that earlier, this tax was levied on Rs 400,000 annual or Rs 33,333 per month income.
To a question, she said that Computerized National Identity Card (CNIC) number of the filer would his/her National Tax Number (NTN).