Govt all set to introduce amnesty scheme for offshore company owners

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The federal government is mulling to introduce one-time amnesty scheme for offshore company owners to bring back black money held by Pakistanis abroad.

According to reports, such schemes will motivate them to bring their assets/cash back to their homeland through banking channel and play their due role in the mainstream of economic activities of the country.

According to financial analysts, there can be delay and complications in bringing money via legal paths.

One-time amnesty scheme will remove these legal complications for purpose of injecting billions in Pakistan’s economy.

In this regard, the federal government has summoned suggestions from Ministry for Finance, Investment Board (IB), Federal Board of Revenue (FBR), State Bank of Pakistan (SBP) and Federal Investigation Agency (FIA).

The government also hopes that the said scheme can attract foreign remittance worth billions of rupees, as well as taxes in huge amount, as Pakistanis now want to declare their foreign assets and cash in order to become part of national economy.

Earlier, senior vice president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Sheikh Khalid Tawab urged the Finance Minister Ishaq Dar to announce a one-time amnesty scheme for declaring foreign assets and cash held by Pakistanis in abroad against payment of 3% Tax.

He reasoned that investors were forced to invest in foreign countries mainly due to a variety of reasons such as poor law and order situation, target killing, war against terrorism; political instability, uncertainty in economic policies etc, as prevailed in past years in the country.

 

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