ISLAMABAD: President Mamnoon Hussain on Monday defended the tax amnesty scheme, saying that it would help prevent money laundering and bring back the foreign assets for the best interest of the nation.
Talking to media persons during his visit to the Directorate General of Immigration and Passports (DGIP), Hussain, who promulgated four ordinances to give effect to the tax amnesty scheme for whitening of local and offshore hidden assets, said similar schemes have been successful in Malaysia and Indonesia.
He rejected the opinion that all wealth stashed abroad by Pakistani nationals was achieved through ill-gotten means. “Most assets are a result of hard-earned money of Pakistanis, and it was not correct to target them across the board,” he added, justifying the incentives given to declare foreign assets and pay nominal tax on them.
On inter-institutional relations, President Mamnoon said every institution should work within its own ambit to avoid such a situation, which could be detrimental to the country’s future. When asked if he would like to play a role in minimising the rift, he said he believed all were mature enough to sort things out on their own in the national interest.
He mentioned that the country was headed towards prosperity as projects under the China-Pakistan Economic Corridor (CPEC) gather pace, adding that it requires a joint effort of all stakeholders.
Talking about the upcoming 2018 general elections, the president also said he was hopeful for timely elections.