Tax amnesty scheme

Tax amnesty scheme

Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh says tax amnesty scheme will help encourage people to disclose their hidden assets legally by 30th of next month.

Addressing a press conference in Islamabad, he said every Pakistani is eligible to become part of the scheme, but public office holders will not be able to benefit from it.

Under the scheme, if a person brings his undeclared wealth to Pakistan from abroad, he will have to pay four percent fee on that amount. If he decides to put this money abroad, the penalty imposed will be six percent.

He said effort has been made to implement the scheme seamlessly and it has been kept realistic.

Replying to a question, he said 16 billion rupees will be earmarked in next budget to subsidize the consumers using electricity upto 300 units a month. He said the budget of BISP will be increased to 180 billion rupees to help poor segments of society.

Adviser to PM on Finance said those who are criticizing the decision of going to IMF have themselves gone to the fund in past.

He said in order to increase the performance of FBR, several crucial decisions are being made with new FBR chairman and renewed resolve of the government.

He said the philosophy behind the plan is not to intimidate people but to encourage businessmen to participate in the legal economy.