Finance Minister AHM Mustafa Kamal has proposed a money legalising opportunity showing undeclared cash, bank deposits, savings certificates, shares, bonds or any other securities without facing any question.
The opportunity could be availed by paying taxes at a rate of 10 per cent on the value of said declaration from July 1, 2020 to June 30, 2021, he proposed.
The minister made the proposal while placing budget for the Fiscal Year 2020-21 in the Parliament on Thursday.
Individual taxpayers will also be able to invest money in the capital market and show it in their tax returns paying the said amount of tax on the value of the investment.
However, they will have to comply with some conditions including a lock-in period of three years.
No other authority including the income tax authority will raise any question in this regard, he proposed.
Individual taxpayers will also be allowed to disclose any type of undisclosed property including land, building, flat, and apartment by paying tax at a particular rate on per square meter of the said assets, the proposal said.
“Extraordinary time demands extraordinary measures,” the finance minister said.
Due to lack of adequate knowledge on tax return submission may result in causing mismatch regarding proper declaration of assets owned by a taxpayer in his/her tax return, he said.
He proposed to insert two separate sections in the income tax ordinance-1984 in this regard.
