Pakistan launches a tax amnesty plan to bring unaccounted wealth to the mainstream

ISLAMABAD: Pakistan's Scant Government Revealed Tuesday A New Amnesty Plan To Expand The Tax Network And Bring Wealth Not Accounted To The Mainstream, Days After Achieving An Agreement With The IMF For A $ 6,000 Million Rescue Package .

Adviser To The Prime Minister To Finance Abdul Hafeez Shaikh Made The Announcement During A Press Conference On The Asset Statement Plan After It Was Approved By The Cabinet Chaired By The Prime Minister Imran Khan .

The Scheme Is A Limited-time Opportunity For Taxpayers To Declare Their Assets And Pay A Defined Amount In Exchange For The Forgiveness Of A Tax Liability, Without Fear Of Criminal Prosecution, Reported.

Shaikh Said That Everyone, Except Public Office Holders, That The Scheme By June 30 By Declaring Their Undeclared Assets, That Would Include Possessions In Pakistan As Well As Abroad.

The Basic Purpose Of The Scheme Is Not To Generate Revenue But To Document The Economy And To Bring Dead Assets Into The Economy And Make Them Functional, I Have Added

He Said The Value For Real Estate Assets Will Be Considered 1.5 Times Higher Than The Value Assigned By The Federal Board Of Revenue And Taxed To Whiten It.

Those Having Money Accumulated Abroad Should Pay At The Rate Of 4 Per Cent If They Want To Bring It To The Country, While Those Interested In Keeping The Money Abroad Can Do It By Paying The Duty At The Rate Of 6 Per Cent.

However, Former Prime Minister, Whose Government Had Announced A Similar Amnesty, Criticized The Initiative, Saying Khan Was Taking U-turn On His Each And Every Commitment.

As An Opposition Leader, He Was Critical Of Amnesty Schemes But Now His Government Has Offered A Similar Plan, Abbasi Said.

The New Scheme Was Announced After Pakistan And IMF Agreed On A $ 6 Billion Bailout Package On Saturday To Tide Over The Financial Crisis.