Tax amnesty scheme gets approved by the Federal Cabinet

Tax amnesty scheme gets approved by the Federal Cabinet

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According to media sources, the federal cabinet approved the tax amnesty scheme on Tuesday, this would allow citizens to declare previously undisclosed assets in a bid to identify high earners for more efficient tax collection.

Prime Minister’s Adviser on Finance Hafeez Sheikh made the announcement of the scheme, while speaking to media he said that it is decided that the assets which were not disclosed should be brought forward.

“The [process of] scheme is very easy, which will not create any difficulties for the people. This scheme is not meant to threaten people but to do business. Every citizen can get the benefit of the scheme till June 30,” the minister added.

“Neither the individual, who are currently possessing a public portfolio or assumed charge of any public position, will not become part of the scheme nor their family members.”

“Declared assets will be brought to Pakistan while it can be submitted into banks. Those people not willing to bring assets back to Pakistan will have to pay 6 per cent tax.”

He further added, “The scheme can also be used for properties and benami accounts. The money kept abroad could be turned white by paying 4 per cent tax. It is the last chance for benami account holders as strict action will be taken in future. Benami properties will be seized under the law if it was not turned into white.”

Hafeez Sheikh says that this decision would have a positive impact on the country’s economy and the nation will soon see the results.

 

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