FBR has notified tax amnesty for investment made in the listed securities or in the shares of public companies at a registered stock exchange in Pakistan from the date of coming into force of the schedule till June 30, 2014 inquiries as to the nature and source of amount shall not be made provided that the amount remains invested for a period of 120 days in the manner as may be prescribed.
Here the ambiguity is whether the period of 120 days is retrospective or prospective. If it is interpreted that the period shall expire by the 30th June 2014 then the investment made less than four months earlier than 30th June 2014 shall be liable to inquiries hence the amnesty privilege be defeated without providing any relief to the investors as envisaged. However, the language of the notification gives the interpretation that the investment made from the date of coming into force of the scheme till June 2014, counting 120 days period. The FBR should clarify the modus operandi.
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