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UPDATES

PTI government considering another tax amnesty scheme

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Amnesty Scheme on foreign currency

The PTI government is considering another amnesty scheme. It will be third in two years. On black foreign currency held by Pakistani nationals.

Financial Action Task Force (FATF) and the International Monetary Fund (IMF) are barriers to the implementation of amnesty scheme.

Prime Minister Imran Khan giving third opportunity to whiten black money. New scheme is the idea of State Bank of Pakistan (SBP) Governor Dr Reza Baqir.

Top-Tax-Consultants-Lahore-Pakistan-Global-Tax-Consultants
A d v e r t i s e m e n t

Tax amnesty scheme mechanism

Government will not ask about the source of buying US dollars from Pakistani nationals. Tax exemptions will also be available in tax amnesty scheme on foreign currency.

Under amnesty scheme exchange of US dollars with Pakistani rupee by resident Pakistanis. Denominated certificates for one to two years at the Central Directorate of National Saving Schemes (CDNS) may be issued. Considering to offer London Interbank Offered Rate (Libor) plus 3% to 4% interest.

Foreign Currency Accounts Rules, 2020

The federal government also recently amended the Foreign Currency Accounts Rules, 2020. The government now imposed restrictions on deposit in foreign currency accounts.

See also  Criteria for selection & conduct of income tax audit
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