President Mamnoon signs ordinance for tax amnesty scheme

President Mamnoon signs ordinance for tax amnesty scheme

ISLAMABAD: President Mamnoon Hussain on Sunday approved an ordinance bringing into effect a tax amnesty scheme announced by the government earlier this week.
Prime Minister Shahid Khaqan Abbasi unveiled a five-point tax reforms package on Thursday, which included a tax amnesty scheme for undeclared foreign and domestic assets, and reduction in income tax rates.
The prime minister launched the amnesty scheme and reforms package in a last-ditch attempt at broadening the government's revenue base, merely 55 days before the end of the government's tenure.

PM announces tax reforms package, amnesty scheme for non-filers and undeclared assets

Tax evasion is rampant in Pakistan, where only 1 percent of the adult population pays tax.
Announcing that all 120 million national identity card holders would be assigned tax numbers, Abbasi told a news conference in Islamabad: "If you don't pay taxes, Pakistan will not be sustainable."
He said that politically exposed persons (PEPs) and their families were not eligible to benefit from the scheme — valid till June 30.
"Under the amnesty plan, all Pakistanis will be able to declare their unreported income and assets and bring their money into the tax base after paying a 5 percent one-off penalty," Abbasi said.

'Scheme doesn't violate money laundering laws'

Adviser to the prime minister on Finance Miftah Ismail assuaged the concerns of the Financial Action Task Force (FATF) on Saturday and assured the tax amnesty scheme does not violate money laundering laws.

FATF concerns: Miftah Ismail says tax amnesty scheme doesn’t violate money laundering laws

“Pakistan’s tax amnesty scheme adheres to all international anti-money laundering laws,” the adviser on finance said while speaking to Geo News.
Ismail shared that he has received an e-mail from the global money-laundering watchdog, FATF, calling for global needs and the agreed-upon guidelines to be respected.
“The FATF has stressed upon strict monitoring of money laundering and terrorist financing activities,” the Pakistani premier’s financial adviser said.
Ismail further said he has not responded to the email as yet

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