Government new scheme to whiten Rs. 7 trillion Black Money

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Government new scheme to whiten Rs. 7 trillion Black Money

ISLAMABAD: Government is mulling option to introduce another scheme for whitening the Black Money in the country.

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A National Assembly panel on Tuesday approved a blanket tax amnesty scheme for the realty sector to whiten an estimated Rs7 trillion of black money invested in the sector, despite stiff opposition by the Federal Board of Revenue (FBR).

The NA Standing Committee on Finance and Revenue introduced amendments in the Income Tax Amendment Ordinance 2016, which if passed by the lower house, will allow the realty sector to legalise black money by paying a nominal 3 per cent tax. A sub-committee of the NA panel had thrashed out the scheme.

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The scheme will be seen as a defeat of the finance ministry that just five months back vowed to force people to pay their taxes on property transactions at fair market values. Instead of recovering taxes on fair market, the government is going to clean people’s black money. It will be third comprehensive amnesty package given by the PML-N government in past three years.