National Assembly Approves Tax Amnesty 2018


As per most recent news reports, the National Assembly has  endorsed the Tax Amnesty 2018 on May 18th 2018. Executive Shahid Khaqan Abbasi and the Advisor to PM Mr. Miftah Ismail introduced an amnesty plan to expand the assessment net and widen the quantity of duty filers.

Mr. Shahid Khaqan Abbasi announced a 5-point reform agenda for amending individual tax rates, Foreign Assets Declaration and Repatriation Ordinance and Voluntary Declaration of Domestic Assets Ordinance on 5th April, 2018.  

Under the recently formulated Foreign Assets Declaration and Repatriation Ordinance outside trade repatriation will be permitted at an expense of 2%. Besides, outside trade repatriation should be possible from one of the two given choices; securities for a long time at the rate of 3% for each annum (half year installment) or all encashment in Pak Rupee @ winning interbank dollar rate. The statute likewise holds a 2% installment statement for those people who have obtained dollars through tacit cash.

The finance bill, Supplementary Budget Document and the Amnesty Scheme for the approval in National Assembly was presented by the newly appointed Finance Minister Mr. Miftah Ismail in National Assembly in last session held on 18th May,2018.


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