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Hunting Black Money

Government announced a sweeping amnesty for undeclared foreign assets and black money on Friday.
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rnIn one of the most comprehensive attempts at drawing out black money the treasury has extended the amnesty to cover all taxes.rn

rnPrevious government amnesties have only covered the income tax liability.rn

rnThe treasury said similar comprehensive immunity will not be offered in the future.rn

rnThe government announced that the period for a declaration will extend till end June next year.rn

rnThe amnesty covers both individuals and companies.rn

rnFinance ministry says the comprehensive nature of the tax amnesty should encourage people to come forward and declare undisclosed wealth.rn

rnThis pardon includes an amnesty for all taxes levies and exchange control violations. rn

rnThese include turnover tax, betting and gambling levy, estate duty, import and export levies, excise tax, save the nation contribution, exchange control, inland revenue and surcharge on income tax.rn

rnTaxes that were li

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