ISLAMABAD: (Ahmed Mughal):- The federal cabinet on Tuesday approved a tax amnesty scheme allowing citizens to declared previously undisclosed assets.

After cabinet meeting, Advisor on Fiance Dr Abdul Hafeez Shaikh addressed a press conference here today.

He said that the Cabinet has given last chance by approving tax amnesty scheme to declare the undisclosed assets.

He said the objective of the amnesty scheme was not revenue generation but formalization and documentation of the black economy.

Shaikh said that every Pakistani citizen except for public office holders and their dependents could avail this scheme

He said that citizens could use the scheme to whiten undeclared assets abroad on within country by paying 4% tax. 

The adivisor said the persons who want to declare cash, they have to kept the amount in Pakistani banks. He said that those who wish to keep the money abroad after getting it whitened would have to pay 6% tax.

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 or DC rates.

Hafeez said the deadline of the scheme will 30 June that would not extendable. He said that the govt is giving last chance to Pakistani citizens for declaring undisclosed assets.

He said that the scheme would also facilitate holders of benami (nameless) accounts and properties. They can declare their assets otherwise the govt confiscate it.

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