(06 April, 2018)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Friday said the amnesty scheme launched by the Prime Minister is an excellent and bold step towards the development of tax system and increased tax net. Pakistanis in abroad can regularized their assets and money by paying just 2 percent on foreign exchange repatriated from outside Pakistan, either in Rupees or through purchase of bonds.
Mian Zahid Hussain said by paying just 2 percent on undeclared money lying in dollar account maintained in Pakistan, it can be regularized, which is an excellent opportunity. The objective of this scheme is betterment of the tax system and increase in tax net instead of making more revenue for a shorter period and it will benefit Pakistan in the long run in a very positive manner. New investment avenues will be opened in the Country on the same pattern as Dubai and Malaysia.
The veteran business leader said tax exemption granted to people earning up to 1 lac monthly is very appreciative measure and will boost up the trade activities in the Country. Fixing maximum tax rate at 15 percent is another positive step and business community welcomes these measures taken by the Government to strengthen national economy in long run. Property sector contributes a lot to the national economy, however under declaration of property is a serious threat to this sector. Pre-emptive right of Government to acquire such property on 100 percent value is a bold step taken by the Government to stop under declaration of property.
The former minister said considering the international situation and laws regarding movement and declaration of money and assets, this scheme will be highly appreciated by all those having undeclared assets. It is an opportunity for people in Pakistan and abroad to declare their assets by paying a minimal amount and effectively participate in the development of Country’s growth and development.