Amnesty scheme launched on April 10 is extended till July 31, 2018, expected to achieve desired results. FBR has collected Rs. 68 Bn from 55000 people as yet, target is $ 5 Bn. Success of ongoing amnesty scheme is vital for economic stability, FBR to take action.

(02 July, 2018)

President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of and former provincial minister Mian Zahid Hussain on Monday said that deadline of amnesty scheme launched on April 10, 2018 by the previous political government is extended till July 31, 2018 through presidential ordinance, which is in accordance to the desire of public and trade community.

The veteran business leader while to the business community said that Rs. 68 billion has collected as yet from 55 thousand people while the targeted collection has estimated to be $ 5 Bn. It is expected that this extension will help in achieving the targeted collection which is vital to support the declining economic situation of the Country. All Pakistanis are equally allowed to declare their assets by paying a least penalty amount without facing any legal or moral consequences and get them into the tax net of the Country. People who did not declare their assets during the amnesty scheme will have to bear the consequences as per FBR.

The former minister said that according to the international credit rating agency Moody’s, Pakistan has the lowest tax to DGP ratio in Asia-pacific because of weak and limited tax net. Country’s revenue will be increased through the amnesty scheme which will suffice the capital expenditure for the mega CPEC project of the country and tax net will improve. The GDP of the Country will be increased by 0.3 to 1 percent after success of this scheme and the declining economy of the Country will gain much strength.

Mian Zahid Hussain said that this is the first amnesty scheme that targets the assets in abroad. Pakistan has not recorded fiscal surplus in the last 25 years due to weak revenue generation policies. Widely increased imports due to CPEC project, devaluation of Pakistani rupee against US dollar and decline in foreign reserves make the implementation of positive and effective tax culture in the Country important and vital. Government should take immediate measures to make this amnesty scheme a successful venture and improve exports of the Country to achieve economic stability in the Country.