President Mamnoon issues ordinance ratifying tax amnesty scheme
The prime minister launched the amnesty scheme and reforms package on Thursday in a bid to boost government's revenue base at a time when the ruling regime falls has merely around 52 days before the next elections are held.
According to the new scheme, which is being decried by PML-N's political rivals, the Computerized National Identity Card (CNIC) number will be used as the income tax number in the future and public falling in up to 100,000-rupee salary bracket will not be taxed.
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Abbasi announced a tax amnesty scheme for nonpayers, however, clarified that politically exposed persons (PEPs) and their families were not eligible to benefit from the scheme. The amnesty scheme is valid till June 30.
- Income up to Rs0.1m per month not taxable
- 10%tax on annual income between Rs2.4-4.8m
- 15% tax on annual income above Rs4.8m
- CNIC to be used as income tax number
- Cash assets abroad can be brought back on payment of 2% penalty
- Foreign assets, which will be brought back, can be declared at lower rates
- Forex accounts within Pakistan will become visible to FBR
- No one without NTN can open forex account
- Anyone receiving remittance over $100,000 in a year shall have to explain source
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