Amnesty scheme to bring back foreign assets

Now investment potential is much better in Pakistan, says FPCCI

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Acting President Sheikh Khalid Tawab has urged Finance Minister Muhammad Ishaq Dar to announce a one-time amnesty scheme for declaring foreign assets and cash held by Pakistanis abroad against the payment of 3% tax.

“This will incentivise them to bring their assets/cash back to their homeland through banking channels and play their due role in the mainstream of economic activities,” he was quoted as saying in a press release.

The FPCCI acting president pointed out that these Pakistanis were forced to invest in foreign countries due to a variety of reasons such as poor law and order situation, target killing, war against terrorism, political instability and uncertain economic policies.

However, he added with the success of operation Zarb-e-Azb by the armed forces of Pakistan in tribal areas and targeted operation in cities, the situation had now considerably improved in the country, particularly in Karachi and Khyber-Pakhtunkhwa.



“Now investment potential is much better and foreign companies are keen to invest in Pakistan. This investment/amnesty scheme will give a boost to the economy, help create new jobs and eradicate poverty,” he remarked.

“This scheme can attract foreign remittances of billions of rupees as well as a huge amount in taxes, as Pakistanis now want to declare their foreign assets/cash and like to become part of the national economy.”

Tawab believes that the package would help get rid of loans of the International Monetary Fund and other donor agencies.

Published in The Express Tribune, June 28^th, 2016.

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