Tax Amnesty 2018 –Key points in simplest possible form
In Pakistan, Tax Amnesty 2018 is discussed in every corner society, we feel it necessary to enrich you with key points of this amnesty in simplest possible form.
Key points of amnesty schemes are
No questions shall be asked in respect of
Foreign Assets (not applicable to person other than Individuals)
- Market value of Foreign undeclared assets (movable assets which includes, stocks and shares, bank accounts bullion cash, jewels, paintings, accounts and loan receivables, beneficial ownership etc) can be declared by paying tax @ 5% of declared assets (Tax to be paid in US $).
- Tax on above movable assets shall be 2% if same are repatriated in to Pakistan may or may not be invested in to Government US Dollar denominated Bonds yielding 3%.
- Market value of Foreign undeclared assets (immovable assets which includes, real estate etc) can be declared by paying tax @ 3% of declared assets (Tax to be paid in US $).
- Domestic undeclared assets can be declared by paying tax @ 5% of declared assets (Tax to be paid in Rs)
Domestic Assets (all persons i.e. Ind, Aop, Co) (no proceedings before any court is pending)
- Foreign Currency held in Foreign Currency Bank Account as on 31 Mar 18 encashed in PKR Tax @ 2%
- Other assets @ 5%
For domestic assets values shall be
| Asset | Value |
| Undisclosed income | As declared |
| Open plot of land | Cost of acquisition of FBR rate whichever is higher |
| Super structure | Rs 400 per square feet |
| Apartments and flats | Cost of acquisition or provincial stamp duty rates whichever is higher |
| Imported motor vehicle | WDV (depreciated @ 10% upto maximum of 5 years) |
| New Locally assembled vehicle | WDV (depreciated @ 10% upto maximum of 5 years) |
| Used Locally assembled vehicle | WDV (depreciated @ 10% from the date of first purchase from Manufacturer) |
| Securities, shares traded on Stock exchange | Day end price on 9th April 2018 or nearest price where there is no trading on 9th April 2018 |
| Securities, shares NOT traded on Stock exchange | Break value of face value whichever is higher |
| National saving schemes, prize bonds etc | Face value |
| Gold | Rs 4000 per gram |
| Other precious stones metals | Market rate on 9th April 2018 or cost of acquisition whichever is higher |
| Stock in trade | Market rate as on 9th April 2018 |
| Plant and machinery | Actual cost of acquisition with no depreciation |
| Accounts receivable / Other assets | Actual cost of acquisition |
FBR and State Bank of Pakistan have issued FAQs on the subjects which are available on the following links
Click here for FAQs issued by FBR
FBR Telephonic Help: 0092 51 9215105 (Twenty four hours)
0092 51 111772772 (Monday to Friday 8 AM to 11 PM)
FBR has also provided following email addresses for any queries
| Query relating to | |
| foreignamnesty@fbr.gov.pk | Queries related to Foreign Declaration |
| domesticamnesty@fbr.gov.pk | Queries related to Domestic Declaration |
| immoveable_amnesty@fbr.gov.pk | Queries related to immoveable assets |
| amnestytaxpayment@fbr.gov.pk | Issues related to generation of PSIDs and making payment |
| taxamnesty2018@fbr.gov.pk | Any other query |
Feel free to contact us for further details