Amnesty Scheme Pakistan Ordinance 2018 [Five Salient Features in Urdu]

Amnesty Scheme Pakistan Ordinance 2018== Five-Point Tax Reforms Package

 -Tax exemption on annual income up to Rs1.2m 

 -5% tax on annual income between Rs1.2 and Rs2.4mn 

 -10% tax on annual income between Rs2.4 and 4.8mn 

 -15% tax on annual income above Rs4.8mn 

 -Local liquid assets at 5% penalty; 

 -Foreign cash assets at 2% penalty; 

 -Assets/fixed property abroad at 3%; 

 -Dollar accounts can be declared and kept abroad at 5% penalty 

 The government says most tax evasion occurs in real estate transactions. There are huge gaps in property values and the amounts at which they are registered said the prime minister.

 -1% Advance Income tax on all property transactions 

 -Advance tax to be adjusted in income tax liability 

 -Federal govt to recommend maximum 1% local, provincial taxes 

 -Govt can buy property by paying 100% above declared value

 Govt to monitor financial records of citizens and issue notices if it finds tax evasion. Parliament to decide penalties. PM announces tax reforms package, amnesty scheme for non-filers and undeclared assets Tax evasion is rampant in Pakistan, where only 1 percent of the adult population pays tax.

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