Assets Declaration Ordinance (Tax Amnesty Scheme) offers to declare cash @4% of the value of the cash declared. However it is pertinent to mention that such cash needs to be deposited in the persons own bank account and cannot be withdrawn till 30th June 2019.
No bearer assets can be declared under the scheme, if someone has gold, prize bonds or any other precious but bearer asset and he wants to declare it, he shall be required to liquidate it and deposit the proceeds in his banking account.
The authorities need to take serious actions if they want to eradicate the parallel economy (black economy). All the stakeholders know where are the leakages, it is just a political will which is required to put it to an end. Tax culture should be so seamless that no person should have the audacity to remain a non-filer despite the requirement of law for him to file a tax return. Nobody should be allowed to tell the other party that if you want to withhold my tax, increase the amount of invoice (this happens currently). The life for a non-filer should be difficult compared to the filer whereas currently, inverse is the case.
It can be hoped that such amnesty is the last one of its kind and the tax evasion shall be treated differently in future.
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