President Dr Arif Alvi promulgates Asset Declaration Scheme 2019 Ordinance
ISLAMABAD (92 News) – President Dr Arif Alvi signed and promulgated the Asset Declaration Scheme 2019 Ordinance on Wednesday.
The scheme will be applicable till June 30. According to the ordinance, hidden property can be clarified after paying 1.5 percent tax at the FBR rate.
On Tuesday, the federal cabinet chaired by Prime Minister Imran Khan approved the new amnesty scheme introduced by the government.
Under the scheme, the secret plot and property will be cleared after paying one percent as tax. Moreover, four percent tax will have to be paid on the black money to get clarified. Foreign assets can be legalized to after paying 6% tax.
The law will be applicable through the presidential ordinance.
Under the scheme, prize bonds and bearer certificates cannot be cleared. Only registered and declared bonds and certificates will be considered white money.
The benefit gained would be nullified after a false statement is proved. Under the scheme, the particulars of the people declaring their assets would not be made public. Before declaring the bond certificates, foreign assets must have to be declared. The money in foreign banks will have to be deposited into a bank.
After June 30, two percent tax will be levied after paying two percent, while it will be four percent after December 31. However, three percent tax will be levied on amounts of sales.
The money clarified under the amnesty scheme cannot be shifted or gifted to any public office holder.