The Supreme Court on Thursday hinted at reviewing the tax amnesty scheme and Pakistanis' properties and money stashed abroad. Chief Justice Mian Saqib Nisar, heading a three-judge bench which heard a case of property dispute said, "We are seriously considering the matter of Pakistanis' properties and bank accounts in foreign counties and will examine the amnesty scheme."
Prime Minister Shahid Khaqan Abbasi on April 5 had announced Economic Reforms Package (amnesty scheme) to legalize undisclosed assets and income of Pakistanis held abroad or at home. Holding the press conference, he had stated that for quite some time the government has been thinking how to increase the number of income tax payers and a sketch of the package has been prepared for offering a scheme for whitening of assets and income.
The package will be available for assets and income till June 30, 2018, however there is no cut-off time date for real estate seector component in the scheme The Prime Minister's economic reforms revolve around five elements and technology will be used by pooling scattered data into one database to make available financial transactions of those out of the tax net. He said that traditional methods of notices have become a source of corruption.
The CNIC will be tax number and 120 million CNIC holders can become taxpayers and income tax rate has been substantially reduced from up to 30 to 0 percent for those earning per annum Rs1,200,000, 5 percent for those earning up to 2,400,000 and 10 percent for those with annual income of up to 4,800,000 and 15 percent for above 4,800,000. He said that the government hopes the people will pay taxes after drastic reduction in income tax rate.