Highlights of Amnesty/Assets Declaration Scheme 2019


Islamabad: Federal cabinet has approved Tax Amnesty/Asset Declaration scheme 2019.

The aim to launch this scheme is not to collect money but to generate revenue for reviving national economy.

Pakistani citizens, except for public office holders and their dependents could avail this scheme to declare all previously undisclosed assets either abroad or in Pakistan.

Those keeping their money in bank accounts outside the country can whiten their money by paying 4% of the amount if they bring it back to Pakistan in the form of Pakistan rupee or foreign currency but those who wish to keep the money abroad after getting it whitened would have to pay 6% tax.

Highlights of the scheme are as under.

  • 5 per cent tax on individuals declaring assets by June 30, 2019
  • 10 per cent tax on individuals declaring assets by September 30, 2019
  • 20 per cent tax on individuals declaring assets by December 31, 2019
  • Recommendation for investment in Pakistan Banao Certificates for those declaring assets abroad
  • Recommendation for tax amnesty scheme for real estate sector
  • 1 per cent tax on those declaring property by June 30, 2019
  • 2 per cent tax on those declaring property by September 30, 2019
  • 4 per cent tax on those declaring property by December 31, 2019
  • The scheme will also be applicable on benami accounts
  • 3 per cent tax on undeclared sales
  • The scheme cannot be availed by individuals holding government positions after 2000
  • The scheme will not be applicable on cases being heard in court 

Click here for complete details of Amnesty scheme 2019 in PDF format

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