Tax Amnesty Scheme Pakistan - Year 2019

The President of Pakistan has declared Tax Amnesty - the Asset Declaration Ordinance, 2019 (ADO-2019) on May 14, 2019, for voluntary declaration of undisclosed assets, sales and expenditures. .

The objective for the promulgation of the Ordinance is to give effect to the tax amnesty scheme to allow the inclusion of non-documented economy in taxation system and to promote economic revival and growth by encouraging tax compliance in Pakistan.

In the past, 9 amnesty schemes have been announced by various Governments under the premise of documentation, increasing tax registration and filing, waiver of penalties and declaration of foreign and domestic assets. Although, the Government officials and representatives of FBR have stated that the core objective of the current amnesty is for documentation of economy, however, the timing of promulgation suggests that it is also a step to reduce the expected revenue shortfall which arises due to reducing rate of tax filing in Pakistan.

Manufactuing/Industry Registration in Lahore

Highlights of Asset Declaration Ordinance 2019 – Tax Amnesty Scheme in Pakistan

Rates Of Tax For Undisclosed Assets, Sales Or Expenditure In Amnesty Scheme Pakistan 2019

The Ordinance provides different rates for different classes of assets. A table showing these rates and comparison thereof with the standards as per Assets Declaration Ordinances, 2018, is tabulated below:

Manufactuing/Industry Registration in Lahore

Example

If the FBR prescribed value of a property is Rs. 1,000,000 then the same will be required to be declared at Rs. 1500,000 minimum. The tax at 1.5% will be required to be paid on the value of Rs. 1500,000 instead of Rs. 1,000,000 which will be Rs. 225,00. Therefore, effective rate of tax will become (Rs. 22,500/Rs. 1,000,000).

We at Tax Care give full services and assistance to make the process hassle free for you. By taking our services you are just one step away from filing your Tax.

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