AIRLINK 85.06 Decreased By ▼ -2.14 (-2.45%)
BOP 4.98 Decreased By ▼ -0.04 (-0.8%)
CNERGY 4.12 Increased By ▲ 0.03 (0.73%)
DFML 37.20 Decreased By ▼ -0.70 (-1.85%)
DGKC 92.80 Decreased By ▼ -1.08 (-1.15%)
FCCL 23.41 Decreased By ▼ -0.36 (-1.51%)
FFBL 33.05 Increased By ▲ 0.38 (1.16%)
FFL 9.25 No Change ▼ 0.00 (0%)
GGL 10.02 Decreased By ▼ -0.01 (-0.1%)
HASCOL 6.35 Decreased By ▼ -0.19 (-2.91%)
HBL 123.83 Increased By ▲ 1.91 (1.57%)
HUBC 147.00 Increased By ▲ 1.35 (0.93%)
HUMNL 10.95 Increased By ▲ 0.45 (4.29%)
KEL 4.66 Decreased By ▼ -0.08 (-1.69%)
KOSM 4.12 Decreased By ▼ -0.07 (-1.67%)
MLCF 38.64 Decreased By ▼ -0.16 (-0.41%)
OGDC 132.80 Decreased By ▼ -2.21 (-1.64%)
PAEL 25.05 Decreased By ▼ -0.03 (-0.12%)
PIBTL 6.20 Decreased By ▼ -0.07 (-1.12%)
PPL 119.30 Decreased By ▼ -0.38 (-0.32%)
PRL 24.69 Increased By ▲ 0.59 (2.45%)
PTC 12.16 Decreased By ▼ -0.06 (-0.49%)
SEARL 59.22 Decreased By ▼ -0.58 (-0.97%)
SNGP 64.15 Decreased By ▼ -0.85 (-1.31%)
SSGC 9.83 Decreased By ▼ -0.22 (-2.19%)
TELE 7.85 Decreased By ▼ -0.02 (-0.25%)
TPLP 9.47 Decreased By ▼ -0.27 (-2.77%)
TRG 64.50 Increased By ▲ 0.20 (0.31%)
UNITY 27.13 Increased By ▲ 0.08 (0.3%)
WTL 1.30 Decreased By ▼ -0.02 (-1.52%)
BR100 8,317 Increased By 6.6 (0.08%)
BR30 25,935 Decreased By -15.3 (-0.06%)
KSE100 78,703 Decreased By -98.2 (-0.12%)
KSE30 25,418 Decreased By -19.6 (-0.08%)

ISLAMABAD: The holders of public office, their spouses and dependent children, are not entitled to avail tax amnesty scheme for industrial investment.

According to the comments of tax expert Ashfaq Tola on the Income Tax Amendment Ordinance, 2022, a general amnesty is given to all persons to declare assets by paying a general tax rate of five percent by investment in new industries.

The persons not eligible for amnesty included holders of public office (a person as defined in the Voluntary Declaration of Domestic Assets Act, 2018.

Govt’s third tax amnesty scheme praised

Definition of Public Officer Holder as provided in Voluntary Declaration of Domestic Assets Act, 2018 “holder of public office” means a person who is or has been, during the preceding 10 years,– (i) the President of the Islamic Republic of Pakistan or the Governor of a Province; (ii) the Prime Minister, Chairman Senate, Speaker of the National Assembly, Deputy Chairman Senate, Deputy Speaker National Assembly, Federal Minister, Minister of State, Attorney-General for Pakistan and other Law Officers appointed under the Central Law Officers Ordinance, 1970 (VII of 1970), Adviser or Consultant or Special Assistant to the Prime Minister and holds or has held a post or office with the rank or status of a Federal Minister or Minister of State, Federal Parliamentary Secretary, Member of Parliament, Auditor-General of Pakistan, Political Secretary; (iii)the Chief Minister, Speaker Provincial Assembly, Deputy Speaker Provincial Assembly, Provincial Minister, Adviser or Consultant or Special Assistant to the Chief Minister and who holds or has held a post or office with the rank or status of a Provincial Minister, Provincial Parliamentary Secretary, Member of the Provincial Assembly, Advocate-General for a Province including Additional Advocate-General and Assistant Advocate-General, Political Secretary (iv)the Chief Justice or, as the case may be, a Judge of the Supreme Court, Federal Shariat Court, a High Court or a Judicial Officer whether exercising judicial or other functions or Chairman or member of a Law Commission, Chairman or Member of the Council of Islamic Ideology; (v) holding an office or post in the service of Pakistan or any service in connection with the affairs of the Federation or of a Province or of a local council constituted under any Federal or Provincial law relating to the constitution of local councils, co-operative societies or in the management of corporations, banks, financial institutions, firms, concerns, undertakings or any other institution or organization established, controlled or administered by or under the Federal Government or a Provincial Government or a civilian employee of the Armed Forces of Pakistan: Provided that a member of the Board, not actively engaged in the business and day-today affairs of the said corporations, banks, financial institutions, firms, concerns, undertakings or any other institution or organization shall not be treated as holder of public office under this sub-clause; (vi)the Chairman or Mayor or Vice Chairman or Deputy Mayor of a Zila council, a municipal committee, a municipal corporation or a metropolitan corporation constituted under any Federal or Provincial law relating to local councils; Explanation.– For the purpose of this sub-clause the expressions “Chairman” and “Vice Chairman” shall include “Mayor” and “Deputy Mayor” as the case may be, and the respective councillors therein; and (vii) a District Nazim or District Naib Nazim, Tehsil Nazim or Tehsil Naib Nazim or Union Nazim or Union Naib Nazim.

Copyright Business Recorder, 2022

Comments

Comments are closed.