Prime Minister Shahid Khaqan Abbasi will address an important press conference Thursday to bring to light several issues including tax amnesty and energy crisis ahead of the upcoming budget.
PM Abbasi will hold the press conference at 6pm this evening at Prime Minister House.
He is expected to make following announcements in connection with tax measures:
1. Foreign assets which will not be brought to Pakistan can be declared at approximately 5%
2. Foreign assets which will be brought back can be declared at lower rates
3. Forex accounts within Pakistan will become visible to FBR
4. No one without NTN can open forex account.
5. Anyone receiving remittance over 100K$ in a year shall have to explain source etc.
6. All property transfers from July 1, 2018 shall not have value based on DC rate or FBR rate and anyone can declare whatever value they want at transfer however within 6 months of transfer FBR can take over the asset at 100% above transfer value in 2018-19 and at 75% above transfer value in 2019-20 and at 50% above transfer value in 2020-21 and at 50% above transfer value thereafter.
7. Cars imports shall not require gift scheme and anyone to be able to import with proper bank transfer.
8. All entities that have ongoing audit notices shall be able to pay 10% of the audit demand and clear all audits for past.
9. All entities that have been issued tax notices for past years with demands other than proper audit notices shall be able to pay 5% of the demand and clear.
10. Immovable and movable Assets within Pakistan hidden from tax authorities can be declared at 5% tax.
11. Cash declared within Pakistan shall have to be deposited to bank for declaration with 5% tax payment.
Story first published: 5th April 2018