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