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Amnesty Scheme-2019 of showing inland hidden assets, expenditures, sales also lands in AJK.

MIRPUR: Under the nation-wide integrated plan for bringing maximum number of people in the tax net, the Amnesty Scheme-2019 of unveiling hidden assets, expenditures and sales within the country has also been enforced in Azad Jammu and Kashmir.

The state-run Inland Revenue Department of Azad Jammu and Kashmir has advised all concerned across AJK to take benefit of this amnesty scheme by submitting details about their concealed assets based within the country as well as hidden expenditures and sales by the stipulated day of July 31, in the concerned nearest authoritative offices of the Inland Revenue Department of AJK Government, it was officially announced.

Assistant Commissioner and Staff Officer of the Head office of AJK Inland Revenue Department at Mirpur Talat Mirza, when contacted, told APP here on Friday that the beneficiaries of the above scheme would be eligible to enjoy minor-rated tax without any fine, surcharge and further questioning.

Elaborating, Mirza said that the companies, Association of Persons [AOPs] and individuals could unveil their income and the country-based hidden assets by depositing the stipulated tax amount according to the concerned category by the deadline.

Following are the stipulated tax rates for hidden assets, expenditures and sales :- all moveable assets [@4 %], all immovable assets [@ 1.5%], concealed expenditures [@4%] and concealed sales [@ 2%].

The AJK Inland Revenue Department took the step under AJK Finance Act-2019, passed by Azad Jammu and Kashmir Legislative Assembly.

For securing concerned forms and further information or any required guidance to this direction, the office of Deputy Commissioner Inland Revenue in the concerned district could be contacted with.

Meanwhile, on the directions of the Commissioner Inland Revenue Department of AJK Sardar Zaffar Mahmood Khan, the department has appointed Inspector Muhammad Luqman Jarral as Focal Person for the cases landing in the Companies Circle of the department for the purpose of enforcement of "AJK Assets Declaration Act - 2019".

"The Focal Person will assist, educate and guide the declarants in availing the said Amnesty Scheme in the best interest of the revenue", an official order issued by the officer of the Commissioner IRD AJK said.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Jul 6, 2019
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