ICCI urges separate amnesty schemes for locals, expatriates
Officials say it will help broaden tax base and improve tax revenue
Islamabad Chamber of Commerce and Industry. PHOTO: APP
KARACHI:
The Islamabad Chamber of Commerce and Industry (ICCI) has welcomed the announcement by Prime Minister Shahid Khaqan Abbasi that the government is planning to offer an amnesty scheme for foreign Pakistanis to encourage them to declare their hidden foreign assets and bring the wealth back to the country.
However, the ICCI stressed that the government should offer separate amnesty schemes for local and foreign Pakistanis, as it would help broaden the tax base and improve the revenue of the country.
ICCI for better security arrangements of markets
ICCI President Sheikh Amir Waheed, Senior Vice President Muhammad Naveed and Vice President Nisar Mirza said that Pakistan faced a low tax revenue and low tax-to-GDP ratio. They were of the view that there were many Pakistanis living in and outside the country who could be brought into the mainstream through separate amnesty schemes.
Offering such amnesty schemes at a time when Pakistan was facing a decline in exports and rising trade as well as current account deficit would be the right move to bring more investment and money in the formal economy, the officials added.
They said that the scheme would help accelerate growth through production and utilisation of hidden liquid assets in the main stream of the economy.
They said that it has become a common observation since the last several years that the capital of Pakistani residents and non-residents was being invested in Middle East, Far Eastern countries, Western Europe and off shore Island in southern Pacific and stressed that the main objective of the amnesty schemes should be to stop the flight of capital from Pakistan.
Published in The Express Tribune, January 28th, 2018.
The Islamabad Chamber of Commerce and Industry (ICCI) has welcomed the announcement by Prime Minister Shahid Khaqan Abbasi that the government is planning to offer an amnesty scheme for foreign Pakistanis to encourage them to declare their hidden foreign assets and bring the wealth back to the country.
However, the ICCI stressed that the government should offer separate amnesty schemes for local and foreign Pakistanis, as it would help broaden the tax base and improve the revenue of the country.
ICCI for better security arrangements of markets
ICCI President Sheikh Amir Waheed, Senior Vice President Muhammad Naveed and Vice President Nisar Mirza said that Pakistan faced a low tax revenue and low tax-to-GDP ratio. They were of the view that there were many Pakistanis living in and outside the country who could be brought into the mainstream through separate amnesty schemes.
Offering such amnesty schemes at a time when Pakistan was facing a decline in exports and rising trade as well as current account deficit would be the right move to bring more investment and money in the formal economy, the officials added.
They said that the scheme would help accelerate growth through production and utilisation of hidden liquid assets in the main stream of the economy.
ICCI calls for focus on savings and investment
They said that it has become a common observation since the last several years that the capital of Pakistani residents and non-residents was being invested in Middle East, Far Eastern countries, Western Europe and off shore Island in southern Pacific and stressed that the main objective of the amnesty schemes should be to stop the flight of capital from Pakistan.
Published in The Express Tribune, January 28th, 2018.