September 27, 2020

Amnesty Scheme Expires

The amnesty scheme announced by Pakistan Tehreek-e-Insaf ended on 3rd July  2019. Two days before, in an interview to a private channel, the PM had made it clear that the deadline will not be extended any further. During the last 10 days, almost 100,000 people registered themselves under the amnesty scheme.

The amnesty scheme was due to end on 30th June 2019, but the deadline was later extended till 3rd July 2019, to give people a little more time to declare their assets.

Almost 130,000 people registered themselves under the scheme and this brought the number of taxpayers to 2 million, which is the highest in the country’s history.

Under the scheme 91,000 people declared their assets worth over PKR 1800 billion and tax revenue of PKR 50 billion was collected.

The officials claimed that the revenue collection wasn’t as high as they had expected. Under the PML-N government, 80,000 people had declared their assets and PKR 130 billion were collected.

Officials said that most of the people registered were from small cities, who were not in the tax net previously. They further said that many people had deposited their domestic and foreign currency in bank accounts and had brought that money into the system.

Furthermore, the Benami Commission is now going after the assets that have not been declared. Under the Benami Act 2017, tax officials in Islamabad have issued 6 orders of attachment of Benami property in the range of 6000 kanals of land of PML-N Senator Chaudhry Tanveer, for 90 days.

On July 1, the government made three major zones, namely Lahore, Karachi, Islamabad and 11 sub-zones, for the authorities to deal with Benami properties.

As per the notification of FBR, the Inland Revenue officials have already been posted in these zones created by the government and the action against the Benami properties has already started. FBR will seize the assets of any citizen who has failed to register those assets so far.

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