Wednesday, 30 November 2022

Govt ready to offer Third Tax Amnesty Scheme to industrialists

The federal cabinet Tuesday approved a summary moved by the finance ministry, to promulgate an ordinance to offer a third tax amnesty scheme to industrialists.

The Ministry of Finance circulated a summary among the federal cabinet members on Monday for their approval of the such tax amnesty scheme through the Income Tax Amendment Ordinance 2022.

Under the third tax amnesty scheme, the government will allow industrialists to whiten their black money at a 5% rate by investing in the manufacturing sector.

The government will offer a 5% across-the-board tax rate and immunity to investors from the investigation about sources of investment.

In this regard, an investor will establish a new industrial unit through the creation of a new company to avail of the third tax amnesty scheme.

However, similarly the existing industrialists units can also avail such tax amnesty scheme for the facility for balancing and modernisation.

The end date for availing of the third tax amnesty scheme will be December 2022 with the condition of starting the commercial production in the new unit by June 2024, according to the details of tax amnesty scheme.

Moreover, the government has also planned that those companies gaining a net loss in the last three years will be entitled to be acquired by healthy profit-making business units, which will be incentivised to adjust the ill company’s tax losses for the next three years.

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