Tax amnesty scheme will go forward as planned

amnesty scheme

Regardless of a difference in order and inner opposition, the administration’s proposed amnesty scheme for asset declaration will proceed with no real change and will arrive at an end before the International Monetary Fund’s bailout program kicks in on July 1.

This was the essence of an exceptional gathering regarding the matter managed by new Adviser to the Prime Minister on Finance, Dr. Abdul Hafeez Shaikh, here on Sunday. It was attended by Finance Secretary Mohammad Younas Dagha, Minister of State for Revenue Hammad Azhar, Federal Board of Revenue executive Dr. Jehanzeb Khan and others.

“The tenure of the amnesty scheme cannot be allowed to go beyond June 30,” a senior official told. “The scheme has to be concluded before the start of the IMF programme,” the official said, adding that Mr. Shaikh did not suggest any change in tax rates on the declaration of hidden assets.

The amnesty scheme couldn’t be affirmed in two gatherings of the government bureau a week ago before the exit of then finance minister Asad Umar.

“Basically, there is no change in the scheme except that Mr Shaikh wants it to be simplified and presented to a larger group for consultations on Tuesday,” said another official.

The advisor on finance wanted that it ought to be a people friendly plan, helped record the economy and brought more non-filers into the tax net rather than simply creating assets. He coordinated the FBR to adjust the plan to make it easy to comprehend and simple to actualize, an official proclamation stated, including that the goal of the plan ought to be to make the economy more tax consistent and archived.

Officials said the amnesty scheme would come into force immediately to enable people to declare assets and pay taxes on them by June 30. 

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