ISLAMABAD PTI led federal government is preparing to implement amnesty scheme in this month. Government is mulling to reduce proposed tax percentage in order to make this scheme successful.
Final stage of amnesty scheme 2019 in underway however the final approval will be from federal cabinet.
the first stage of scheme would be completed in current fiscal year at the end of June. During this time 5% tax on benami assets would be implemented. After that to legalize illegal assets 10% tax will be paid till 30 September.Tax percentage would be 20% during interval October to December.
The final stage of the scheme will end on 31 December 2019.
According to the document, property can be legalized by paying 1% tax before June while 2% tax would be implemented till 30 September and 4% till 31 December to clear the property.
Foreign assets would first be transferred to Pakistan before clearance.