ISLAMABAD: Prime Minister Shahid Khaqan Abbasi on Thursday announced tax amnesty scheme for undeclared assets inside and outside Pakistan. However, he clarified that politically exposed people and their family members would not be entitled to take advantage of this scheme. He was addressing a press conference here after a meeting of the Economic Advisory Council. Mifta Ismail and Marriyum Aurangzeb were also present on this occasion. The prime minister said that a decision had been taken to introduce a five-point amendments package on income tax. He announced a tax amnesty scheme for non tax payers. He said that the amnesty scheme would valid till June 30. He said that a presidential ordinance would be issued for giving legal cover to the scheme. He said that those who take advantage of the scheme would be exempted from NAB and other agencies’ action. The prime minister said that the Computerized National Identity Card (CNIC) number will be used as the income tax number in the future. He stated that up to Rs0.1million will not be taxed. He added that cash assets abroad could be brought back by paying a two-percent penalty. Discussing the tax percentages on different income tiers, Abbasi said that income up to Rs0.1million per month will not be taxed. A ten percent tax will be levied on annual income between Rs2.4-4.8mn. And annual income above Rs48million will be taxed at a 15-percent rate. The premier added that cash assets abroad could be brought back by paying a two-percent penalty, adding that off-shore company is an asset and it must be declared. Abbasi said that he will hold another joint press conference with Federal Adviser on Finance, Revenue and Economic Affairs Miftah Ismail and present statistics in the coming days. The prime minister said in order to check the under-statement of property value, the government would have the right to purchase a property on double the value declared by the owner during the year 2018-19, at 75 per cent more in 2019-20 and at 50 per cent more in 2020-21. He said it would not be possible for non-filers to purchase any property for over Rs 4 million. The proposed scheme would make the DC (District Collector) rates of the property irrelevant and the people would have to declare the real value of their property, he added. He said the scope of the ordinance to be issued in that regard would extend to every resident company, resident association of persons and all citizens of Pakistan wherever they might be except holders of public office. It would help regularize all undeclared income earned before June 30, 2017 on all local assets, including gold, bonds and property on payment of 5 % tax.