National Assembly approves Tax Amnesty 2018

According to latest news reports, the National Assembly has today approved the Tax Amnesty 2018. Prime Minister Shahid Khaqan Abbasi and the then Advisor to PM Mr. Miftah Ismail presented an amnesty scheme to increase the tax net and broaden the number of tax filers.

Prime Minister of Pakistan, Mr. Shahid Khaqan Abbasi, on 5^th April, 2018 announced a five point reform agenda for changes individual tax rates, Foreign Assets Declaration and Repatriation Ordinance and Voluntary Declaration of Domestic Assets Ordinance.

Under the newly devised Foreign Assets Declaration and Repatriation Ordinance foreign exchange repatriation will be allowed at a fee of 2 percent. Furthermore, foreign exchange repatriation could be done from one of the two provided options; bonds for five years at the rate of 3 percent per annum (6 month payment) or all encashment in Pak Rupee @ prevailing interbank dollar rate. The ordinance also holds a 2 percent payment clause for those individuals who have purchased dollars through undeclared money.

The newly appointed Finance Minister Mr. Miftah Ismail presented the Finance Bill, Supplementary Budget Document and the Amnesty Scheme for approval in the National Assembly during yesterday’s session.