Pakistan PM announces Amnesty scheme

Karachi: Pakistan Prime minister (PM) Nawaz Sharif on Friday is all set to announce his second amnesty scheme which will bring people under the tax net.

The scheme has been delineated for the taxpayers to legalise their black money by paying a nominal 1% tax and for the non-filers of income tax returns as well as those who file the returns but underreport the income to evade taxes, showed the draft of the Income Tax (First Amendment) Bill 2016.

The Federal Board of Revenue hopes the new scheme will add at least 1 million more people whereas at present less than 1 million people files income tax returns.

The draft indicates the government will not be able to get maximum benefits, as it is offering incentives without proposing penalties on those who will opt to stay out of the tax net.

Moreover, the government has proposed exemption from audit for those who will avail themselves of the amnesty scheme. Their names will not be included in computer balloting for the selection for audit.(ANI)