President Arif Alvi issues ordinance for tax amnesty scheme

Scheme approved by federal cabinet a day earlier

President Arif Alvi on Wednesday issued the ordinance for the 'Asset Declaration Scheme' which had been approved by the federal cabinet a day earlier, Express News reported.

The ‘Asset Declaration Scheme’ provides one more opportunity to all Pakistani citizens to declare and legalise undisclosed assets in and outside the country by paying just 4pc tax on all assets other than real estate.

Imran Khan-led cabinet approves Asset Declaration Scheme

Explaining the scheme at a press conference, Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh said the scheme would be applicable till June 30 and all Pakistani citizens, other than those holding public offices or their dependents, would be able to benefit from it.

The government’s top financial adviser said that the federal cabinet has approved the amnesty scheme to whiten the black money, adding that this scheme will not be applicable to salaries but only on the expenditures and properties. He stressed that the new scheme is aimed at documentation of the economy.

The tax amnesty scheme announced by the Pakistan Tehreek-e-Insaf (PTI) government has evoked mixed sentiments from the business community of Punjab.

Many businessmen have welcomed this much-needed initiative to kick-start economic activities, which suffered massively during general elections last year.

However, a few have expressed concern and have urged the government to take concrete steps and adopt long-term policies so the black money or black economy does not adversely impact the country.