Tax amnesty scheme or finance sign by the President Arif Alvi

President Dr. Arif Alvi, on Wednesday signed the presidential ordinance regarding the newly introduced tax amnesty scheme related to disclosure of assets.

Following the signature of the president, the scheme will come into effect across the country, and will be applicable to undeclared assets until June 30, 2019.

A day earlier, the federal government approved the tax amnesty scheme during a cabinet session held under the chair of Prime Minister Imran Khan. It is said that citizens could use the scheme to lighten previously undeclared assets.

For declaring properties, he said that value on which tax would be charged would be the market value, given that it is not less than 1.5 times the FBR-assigned value.

However, the scheme will not be applicable on cases being heard in court.