One more Amnesty Scheme
IT is reported that the government has announced yet another tax amnesty scheme to waive off additional tax penalties and fines of those who will pay their pending taxes fully by June, 30, 2013 in order to generate additional revenue to reach the revised revenue collection target of the outgoing fiscal year.
However, this benefit is not available to fraudulent refunds, drawback cases or any other duty/tax fraud where prosecution proceedings have been initiated.
It needs mention that the Government had already announced two tax amnesty schemes, one for regularising the non-customs duty paid vehicles and second for textile sector to clear their past sales tax liabilities, to generate additional revenue within ongoing fiscal year to reach the annual tax collection target. See .
This is the third amnesty scheme to waive off additional tax penalties and fines of those who will pay their pending taxes fully by June 30.
Interestingly, this scheme was announced just two days before the Federal Budget 2013 2014.
Just for the record, this scheme is operational in our friendly neighbourhood Pakistan.