Monday, July 9, 2018
Pakistan's Government has approved a one-month extension to tax amnesties for companies and individuals, which were due to end on June 30, 2018.
The amnesties enable the country's taxpayers to regularize undeclared income and pay a concessionary tax rate of five percent. Undocumented "liquid assets" (including cash and securities) held outside Pakistan can be repatriated subject to payment of a two percent tax, or any sum not repatriated can be regularized with the payment of a five percent charge.
Take-up of the amnesties, which were announced in April, has been low due to a challenge before the Supreme Court concerning its legality. The Supreme Court has now said that the amnesty is lawful.
The closing date for applications will be July 31, 2018.