Tax Amnesty Scheme further extended

The Prime Minister of Pakistan had announced on November 28, 2013 a package for promoting tax culture, investment in industry and revival of economy. 

The package included immunity from audit, default surcharge and penalty for NTN holders who did not file some or all income tax returns for the last five years provided they file their missing income tax returns and pay a minimum of Rs.20,000 tax per year. Similar immunity from audit, default surcharge and penalty was extended to non-NTN holders as on 28-11-2013, having taxable incomes, provided they pay tax at a minimum of Rs.25,000 per year, and file returns for the last five years. Such Return filers will enjoy immunity from audit also for equal number of subsequent tax years for which they have filed returns for past years.

The last date for filing returns under this package is 28th February, 2014. However, considering the encouraging response to the Prime Minister’s Package and the request of the tax bar associations, trade bodies and business community that a substantial number of persons still wish to avail the benefits of the package, the Federal Government has decided to extend the last date for filing of returns under the scheme from 28th February, 2014 to 30th April, 2014.