The government offered Monday an opportunity to legalise undisclosed income between June 05 and July 31 next by paying 5.0 per cent in addition to normal rate of tax.
However, this opportunity will not be applicable in case of income made through illegal means.
The National Board of Revenue (NBR) issued a statutory regulatory order (SRO) to this effect Monday.
According to the SRO, anyone who had failed to disclose certain part of his/ her income made through fair means in the tax return in a particular year will be allowed to legalise the same through the payment of 5.0 per cent tax in addition to the total amount of tax that was due for that year.
Chairman of the NBR Badiur Rahman while disclosing the government's decision told newsmen that anyone trying to whiten money earned through illegal means using the latest opportunity would face punishment in accordance with the law.
The NBR has offered the incentive under section 44(4) (B) of the existing income tax ordinance to facilitate entry of huge undisclosed but legally earned money into the formal economy, NBR income tax policy member Ali Ahmed told the FE.
This opportunity will be applicable for undisclosed income of TIN (tax identification number) holders for the last five financial years.
The announcement of the incentive will bury the speculation that the NBR would continue the existing black money whitening scheme during the next fiscal.
"There is no possibility of offering such an opportunity in the upcoming budget," the official added.
Under an existing provision, the black
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