PIAF calls for extension in tax amnesty scheme

Chairman says economic turnaround can be achieved

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) Chairman Irfan Iqbal Sheikh has appealed for an extension in the tax amnesty scheme 2018, and is seeking an awareness drive among the business community to avail this facility.

He said that the PIAF has been taking up the issue of a one-time tax amnesty scheme for the last several years, as this package can revamp the economic structure of the country.



In a statement, he said that Pakistan has suffered from capital flight because of various factors and this resulted in a huge stock of assets of Pakistani nationals abroad, while the country suffered. The extension in the scheme will help increase the tax net.

"It will encourage a large number of people to bring back their cash from abroad."



He said that the PIAF appreciates the government's measures to introduce a comprehensive scheme, which will not only bring a change in the life of individuals, but will also hopefully revamp the economic structure of the country and bring in the much-needed stability.

Sheikh urged the government to give constitutional guarantees and a comprehensive protection package to all the beneficiaries of this scheme.



Investment and foreign exchange bonds is also a positive step towards bringing idle foreign exchange deposited in banks to be utilised for productive sectors of the economy.

Published in The Express Tribune, June 30^th, 2018.

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