Pakistan

ISLAMABAD – President Arif Alvi promulgated an ordinance regarding the tax amnesty scheme on Wednesday, a day after the federal government approved it.

The scheme, as portrayed by the Adviser on Finance Abdul Hafeez Sheikh, intends to spur investment instead of harassing individuals.

Revealing the details about the scheme, the adviser said people will have the opportunity to become part of the scheme until June 30 adding that every citizen will be able to avail the scheme except public office holders and their dependents; former public office holders would not be allowed to avail the scheme as well.

Federal cabinet approves tax amnesty scheme to spur investment

Sheikh continued that under the scheme, assets within the country and abroad can be whitened after paying a certain amount.

He detailed that a rate of 4 percent will be charged for whitening money and the cash will have to be brought into Pakistan to be kept in banks.

For individuals desiring to keep their money abroad, a rate of 6pc will be charged, Sheikh announced.

‘We have fetched details about 1.5 lac accounts in 28 countries,’ the advisor said and added that both offshore and assets within the country could be declared under the scheme.