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Govt announces schedule for amnesty scheme regarding undisclosed foreign assets

Haider Ali 12:39 PM | 28 Feb, 2018
Govt announces schedule for amnesty scheme regarding undisclosed foreign assets
ISLAMABAD - Minister for State on Finance and Revenue, Rana Mohammad Afzal disclosed on Tuesday that the federal government had planned to introduce an amnesty for Pakistanis having undisclosed foreign assets by March 15.

Addressing a ceremony at Pakistan Hosiery Manufacturers Association (PHMA), the minister said that the amnesty scheme had been finalised in a bid to provide an opportunity to people for bringing back their foreign assets to the country.

Tax Reforms

The lawmaker expressed that the government had planned to rationalise tax rates in the upcoming budget adding that in order to provide relief to salaried class, the government would propose raising the minimum threshold for charging income tax to Rs800,000 from current Rs400,000.

"The government is also devising a plan to reduce the corporate income tax rate from 30 percent to 20 percent in a phased manner," he said.

The legislator added that the government was focusing on increasing foreign exchange reserves primarily due to the pending payment of $3 billion to the IMF.

The PML-N leader said that the foreign exchange reserves had declined due to a significant increase in imports adding that the import bill during the last fiscal year was $55 billion which included imports of power generating and other machinery, Geo News reported.

Commenting on payment of sales tax refund, he said the government had set a deadline of February 15 for releasing all outstanding refunds but due to engagements of the finance ministry regarding the Financial Action Task Force (FATF), the refund payments were delayed.

“There is no change in policy for sales tax refunds and around Rs160 billion refunds were payable,” he said and added that all those refund claims where Refund Payment Orders (RPOs) had been issued would be paid instantly.

 

Haider Ali

The writer is a civil servant.

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KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 4, 2023 (Saturday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 279.9 283.2
Euro EUR 300.98 301.58
UK Pound Sterling GBP 337.01 337.71
U.A.E Dirham AED 75.14 75.44
Saudi Riyal SAR 73.55 73.85
Australian Dollar AUD 189 192
Bahrain Dinar BHD 712.72 720.69
Canadian Dollar CAD 200 202.2
China Yuan CNY 39.67 39.73
Danish Krone DKK 39.33 39.73
Hong Kong Dollar HKD 34.19 34.54
Indian Rupee INR 3.28 3.39
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 878 887
Malaysian Ringgit MYR 62.83 63.43
New Zealand Dollar NZD 173.25 175.25
Norwegians Krone NOK 26.79 27.09
Omani Riyal OMR 696.08 704.08
Qatari Riyal ‎QAR 73.62 74.32
Singapore Dollar SGD 204 206
Swedish Korona SEK 25.61 25.91
Swiss Franc CHF 291.69 294.19
Thai Bhat THB 8.15 8.30

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 205,200 on Saturday. The price of 10 grams of 24k gold was recorded at Rs175,930.

Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 205,200 PKR 2,430
Karachi PKR 205,200 PKR 2,430
Islamabad PKR 205,200 PKR 2,430
Peshawar PKR 205,200 PKR 2,430
Quetta PKR 205,200 PKR 2,430
Sialkot PKR 205,200 PKR 2,430
Attock PKR 205,200 PKR 2,430
Gujranwala PKR 205,200 PKR 2,430
Jehlum PKR 205,200 PKR 2,430
Multan PKR 205,200 PKR 2,430
Bahawalpur PKR 205,200 PKR 2,430
Gujrat PKR 205,200 PKR 2,430
Nawabshah PKR 205,200 PKR 2,430
Chakwal PKR 205,200 PKR 2,430
Hyderabad PKR 205,200 PKR 2,430
Nowshehra PKR 205,200 PKR 2,430
Sargodha PKR 205,200 PKR 2,430
Faisalabad PKR 205,200 PKR 2,430
Mirpur PKR 205,200 PKR 2,430

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