The government has introduced another amnesty scheme for money laundering
Under the scheme, there will be no question of paying 5% tax on establishment of new industries, Pakistanis will get tax exemption for next 5 years for investing abroad.
The Pakistan Tehreek-e-Insaf (PTI) government has launched another amnesty scheme to allow money laundering. To form a new company to benefit from the scheme.
The new unit will have to start commercial production by June 2024. The government has issued the third tax amnesty ordinance.
The last date to avail the benefits of the new amnesty scheme is December 2022. For the makers, the investment will be tax deductible for 3 years. Under the ordinance, Pakistanis investing abroad will get tax exemption for the next 5 years.
Earlier, it was reported that the government's third tax amnesty scheme, the federal cabinet had approved the issuance of the ordinance.
The finance ministry had issued a summary for cabinet approval. The text of the summary states that black money can now be laundered at only 5% tax rate. ''The investor will form a new company to benefit from the amnesty scheme''.
The cut-off date for availing the amnesty scheme will be December 2022. The new unit will start commercial production by June 2024.
The amnesty scheme also includes three-year tax incentives for sick industrial units. If you send them for work, you will get tax exemption for the next 5 years. You can buy a healthy industrial unit from the companies that have been losing money for the last three years.