(May 31, 2019)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday said amnesty scheme is an effort to expand the documented economy. The scheme has been launched to improve the tax system, increase tax net, and reduce the size of the undocumented economy, he said. .
Talking to the business community, the veteran business leader said that those who have undeclared assets at home or abroad should avail this scheme to get their assets regularized after paying nominal tax.
Mian Zahid Hussain said that the aim of the government is not to raise revenue through this scheme but to bring people into tax net in an honorable way which will have a positive impact on the overall situation.
The former minister noted that former government facilitated those who had an annual income up to 1.2 million rupees. The exemption should continue in the upcoming budget as the devaluation of rupee has damaged the buying power of the masses. He said that the steps initiated by the government will regularize the real estate sector which will attract heavy investment from home and abroad.
Pakistan is offering amnesty to undeclared assets on five percent tax while India has offered the same on paying 45 percent tax. He asked the businessmen to avail the tax amnesty scheme for avoiding any scrutiny in the future, and help steer the country out of the prevailing economic crisis.