Amnesty scheme yields around $1 billion as tax revenue

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KARACHI: The tax authorities have collected a provisional amount of Rs121 billion or around $1 billion from the tax amnesty scheme, which concluded mid-night of July 31, sources said.
The sources said that about 75,000 individuals, Association of Persons (AOPs) and corporate entities availed benefits to whiten their cash / assets under amnesty for undisclosed domestic and foreign assets.
It is estimated that final collection would be increased as payments were still in process.
The previous government announced this one-time amnesty to illegal assets held by people in their domestic and offshore accounts.
The authorities had estimated around $2-3 billion tax revenue from this amnesty but apparently the scheme failed to attract this amount. The scheme was launched considering severe balance of payment crisis and hefty foreign repayment schedule.

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