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Tax Amnesty Scheme aimed at documenting economy: Hafeez Shaikh

Tax Amnesty Scheme aimed at documenting economy - Hafeez Shaikh
Islamabad: Special Advisor to Prime Minister (PM) Dr. Hafeez Shaikh on Tuesday stated that assets declaration scheme is aimed at encouraging business activities in the country.

He made these remarks while talking to media in Islamabad.

Shaikh added that amnesty scheme is not aimed at intimidating the business community.

“Cash stashed in foreign banks can be whitened by giving 4pc tax. For those people who want to keep their cash abroad, will have to give 6pc tax”, stated the SAPM Hafeez Shaikh.

As far as whitening of physical assets is concerned, the value will be considered 1.5 times more than FBR-assigned value.

Shaikh went on to say that people will have the possibility to become part of the scheme until June 30. He added, “Every Pakistani will be able to avail the scheme except for the people who have held a public office and their dependents.”

Shaikh dispelled reports that tax amnesty scheme was aimed at generating revenue. “The basic aim [of the tax amnesty scheme] is to document the economy and to bring undeclared assets into the economy”, opined Hafeez Shaikh.