Tax Amnesty Scheme for Off Shore Wealth holders in offing

Tax Amnesty Scheme for Off Shore Wealth holders in offing
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ISLAMABAD: Federal Government is working on an amnesty package that will allow individuals who have parked their assets offshore and onshore to legitimise their holdings.

 

This latest amnesty scheme is being considered in order to give those Pakistanis an easy way to repatriate part of their offshore funds before a new global anti-tax evasion scheme becomes operational under a multilateral tax convention or bilateral arrangements on the avoidance of double taxation.

 

The over 104-members of the Organisation of Economic Cooperation and Development (OECD) will automatically begin to exchange records in 2017, as part of a coordinated global crackdown on tax evasion to expose non-compliant taxpayers.

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