Hafeez Shaikh outlines features of tax amnesty scheme

ISLAMABAD, Pakistan: The Prime Minister’s Adviser on Finance Dr Abdul Hafeez Shaikh has said that new tax amnesty scheme will help encourage the people to disclose their hidden assets legally by June 30.

While addressing a press conference in Islamabad on Tuesday after the Federal Cabinet meeting, he said that every Pakistani is eligible to become part of the scheme but the public office holders will not be able to benefit from it.

Under the tax amnesty scheme, if a person brings his undeclared wealth to Pakistan from abroad, he will have to pay 4% fee on that amount. If he decides to put this money abroad, the penalty imposed will be 6%.

Hafeez Shaikh said that effort has been made to implement the scheme seamlessly and it has been kept realistic.

Replying to a question, he said that Rs 16 billion will be earmarked in the next federal budget to subsidize the consumers using electricity upto 300 units a month.

The adviser on finance said that the budget of the Benazir Income Support Programme (BISP) will be increased to Rs 180 billion to help poor segments of society.

Dr Hafeez Shaikh said that those who are criticizing the decision of going to the International Monetary Fund (IMF) have themselves gone to the fund in the past.

The prime minister’s financial adviser said that in order to increase the performance of the Federal Bureau of Revenue (FBR), several crucial decisions are being made with the new FBR Chairman Shabbar Zaidi and renewed resolve of the government.