LAHORE: Government announced yet another tax amnesty scheme for the tax defaulters to broaden the tax net.
The scheme will allow the tax-payers to broaden the tax net by simply paying 1% tax on their black money and turning it into white.
The government has decided to reward the tax evaders yet again by offering them another tax amnesty scheme. Instead of recovering tax from the evaders, government has announced Grand Amnesty Scheme, according to which paying 1% tax on the black money will turn it into white.
According to the document of the tax amnesty scheme, all such traders who haven’t filed any tax returns till date will be able to turn their black money into white by paying just 1% tax on their income. The scheme will be from 2016 to 2018.
Three slabs have been set in the scheme. In the first slab, 0.2% tax will be applicable on sales up to Rs. 50 million.
In the second slab, a fixed amount of Rs. 100,000 will be deducted as tax for sales between Rs. 50 million and 250 million with an additional 0.15% tax on the total sales.
In the third slab, tax of Rs. 400,000 with an additional 0.1% tax will be deducted for sales above Rs. 250 million.
