KARACHI, June 27: The Federal Board of Revenue (FBR) on Wednesday announced yet another tax amnesty scheme for taxpayers when only four days are left for the close of the current fiscal year on June 30.

The FBR during the last one month announced three amnesty schemes, starting from May 22. The scheme was initially for income and sales taxpayers against whom demand of illegally adjusted input tax is outstanding.

The board asked the taxpayers to pay principal outstanding amount of income tax, sales tax, federal excise duty and withholding tax and get benefit of exemption from payment of default surcharge, penalty and withdrawal of criminal proceedings.

The first tax amnesty scheme was subsequently extended from June 7. However, after getting good response, the FBR realised that more time should be given to taxpayers.

Consequently, the amnesty scheme was further extended up to June 25, with same terms and conditions, asking the taxpayers to pay the principal outstanding amount and get relief from payment of default surcharge, penalty and with withdrawal of criminal proceedings.

However, as the scheme was still valid up to June 30, the Board on Wednesday suddenly came out with yet another amnesty scheme.

The FBR through SRO-774(I)/2012 (dated June 27, 2012) asked the taxpayers to only pay 25pc of the outstanding principal amount instead of full payment of illegally adjusted sales amount by June 30 and avail the scheme.

However, the board asked taxpayers to pay the remaining balance of principal amount ie 75 per cent by Dec 31 in five equal monthly installments with first installment payable on Aug 31.

The board further stated that if a taxpayer meets the laid down conditions of the amnesty scheme, any case or complaint or proceedings filed by a registered person before any court of law, Federal Tax Ombudsman or any other authority would be withdrawn by Dec 31.