ISLAMABAD: The deadline for availing the Prime Minister Tax Incentive Scheme has expired amid failure to attract investors for declaring their investment and coming into the normal taxation regime.
This was despite the incentives that the income source would not be probed if a fixed amount was paid. Provisionally around Rs 200 million taxes have been deposited under this scheme. Till March, over 3,300 investors had availed this scheme and a few hundred more might be added into the list of the beneficiaries of this scheme now that the last date has expired.
The tax amnesty package was introduced in December 2013 to encourage investment and widen the tax net by reducing tax scrutiny. Under the scheme, in some key productive sectors, there was immunity from tax scrutiny on source of new investment. Additionally, the current tax filers who paid 25 per cent more income tax than the previous year had an immunity from routine audit.
There was immunity from routine audit, penalties and interests for non-filer registered taxpayers that were not filing tax returns provided that they would file missing returns for the past five years. A minimum payment of Rs 20,000 per year (broadly in line with the average tax paid by non-salaried individuals) was required to enjoy the exemption.
