The Federal Cabinet has approved the issuance of an ordinance for the Pakistan government’s third tax amnesty scheme.
According to the summary of the ordinance, black money can now be laundered at a tax rate of only 5% and Money launderers will not be asked about their sources of income on payment of tax rate.
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The ordinance further stated that the investor will form a new company to benefit from the amnesty scheme, with a cut-off date of December 2022. The new unit should start commercial production by June 2024.
The Federal Cabinet has said that the amnesty scheme also includes 3-year tax concessions for sick industrial units.
According to the summary, if Pakistanis send foreign assets from abroad to Pakistan for investment, there will be tax exemption for 5 years. Companies that have been losing for the last three years can buy healthy industrial units and make the company profitable, with a three-year tax deduction.
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