Pakistan government makes new assurances to IMF
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*ISLAMABAD: Pakistan have to compulsorily get approval from the National Assembly before launching a Tax Amnesty Scheme, according to IMF conditions for economic bailout to Pakistan. *
The tax amnesty under the International Monetary Fund (IMF) conditions could not be launched through a Presidential Ordinance.
“No tax amnesty scheme, neither tax relief will be allowed without an approval from the National Assembly,” according to the details in the Letter of Intent (LoI) sent back to the IMF. “Issuance of SRO for tax relief or tax amnesty will be banned”.
The government will be bound to get approval from the NA for providing tax relief to an economic sector.
Pakistan has assured the lender in the letter of intent for implementation of the condition.
An amnesty scheme for construction sector and declaration of secret assets will be approved from the National Assembly, according to the LoI.
The government will work with the provinces for harmony in sales tax and the World Bank will cooperate for harmonious policy with provinces, according to the letter of intent.
Finance Minister Miftah Ismail recently announced that Pakistan has sent back the signed letter of intent to the IMF.
Speaking to media in Islamabad, Ismail said that the LoI was sent after being signed by him and acting governor of State Bank of Pakistan (SBP).
