ISLAMABAD - Chief Justice of Pakistan Mian Saqib Nisar on Thursday hinted at taking notice of the tax amnesty scheme recently announced by the incumbent government.
“We are contemplating stern action against foreign assets. We are considering to look into the tax amnesty scheme,” the chief justice observed, adding the court would examine the foreign accounts and assets.
The chief justice made these observations during the hearing of a land acquisition matter in Faisalabad.
Legal experts believed that the announcement of tax amnesty scheme at the juncture when the top court has already formulated committee to evolve an effective strategy to encourage the people for bringing back money to Pakistan raised many questions on the intentions of PML-N government.
However, PM Abbasi had expressed the confidence that the substantial reduction in income tax rate would serve as an incentive to people for paying tax.
On April 5, PM Abbasi while announcing the scheme said that non-payment of tax increases indirect tax burden on the common people and those having their assets abroad can benefit from this scheme after paying 2 per cent penalty. He further said that it would be one time incentive upto June 30 to declare hidden assets.
The citizen having Rs100,000 per month income is exempted from the tax while there would be 5 per cent income tax on income falling between Rs1.2 to 2.4 million annually.
Shahid Khaqan Abbasi in his presser had further said the rate of income tax for the income bracket of Rs2.4 to Rs4.8 million would be 10 per cent and 15 per cent on more than Rs4.8 million.
PM Abbasi said in the future the Computerized National Identity Card (CNIC) number will be used as the income tax number.