Second phase of Asset Declaration/Amnesty scheme

Islamabad: Second phase of Asset Declaration/Amnesty will starts from 3^rd August 2019 and will continue until 30^th June 2020.

• Those who fail to declare their illegal assets and submit wealth statements until 2^nd august 2019 can regularize their movable and immovable assets by paying heavy taxes.
• From 3^rd August until 30^th September 2019, movable properties can be regularized by paying 4% tax and 10% of tax value as fine. For immovable properties by adding 150% of the value, 1.5% tax and 10% fine on total calculated tax will be paid for regularization.
• For undeclared expenditure in Income Tax Returns, 4% tax and 10% fine and undeclared sale, 2% tax and 10% fine on tax value will be imposed.
• From 1^st October until 31^st December 2019, movable properties can be regularized by paying 4% tax and 20% of tax value as fine. For immovable properties by adding 150% of the value, 1.5% tax and 20% fine on total calculated tax will be imposed for regularization.
• For assets not being brought back to Pakistan, 6% tax and fine equal to the tax amount will be imposed.
• From 1^st January 2020 until 31^st March, fine will be increased to 30% and from 1^st April till 30 June 2020, 40% fine will have to be paid.