Countdown begins for tax evaders after amnesty expires

Countdown begins for tax evaders after amnesty expires

The countdown begins for tax evaders after amnesty expires – says PM Khan

A high-level meeting was held today to brief Prime Minister Imran Khan regarding financial matters pertaining to the next fiscal year. The meeting also discussed proposals for the upcoming budget and tax policies to be followed.

On the event, PM Khan clearly warned the tax evader that there would be no leniency for anyone, after the expiry of the tax amnesty scheme. He stated that “All state institutions are in sync when it comes to taking action against tax evaders, those who fail to benefit from the amnesty scheme will not be spared”. During the meeting, PM also highlighted a major economic issue i.e. excess tax burden on the middle class. He discussed the matter with the Chairman FBR, Shabbar Zaidi that thy why more tax is imposed on the working class when it is already paying handsome taxes. The chairman briefed the premier regarding the progress made so far on the said issue. The core problem faced by the government and the tax authority is the limited tax net. Robust reforms are under process to increase the net, to eventually expand the revenue figures.

Presidential Ordinance Issued for Tax Amnesty Scheme

Recommendation from the participants was also taken in the meeting, that could make an income pad of about Rs.1.45 trillion in the following financial year, taking the year’s income goal to Rs.5.5 trillion from a miserable figure of Rs.4.2 trillion. It was also announced that due legal action would be taken against those who neglect the opportunity given by the government.

By the order of the President, ‘The Asset Declaration and Amnesty Scheme 2019’ was introduced in May 2019. Under the scheme, assets within the country and abroad (except for real estate) can be whitened at a rate of four 4%. The whitened cash will have to be kept in Pakistani bank accounts. For those wanting to keep their whitened money abroad, will have to pay 6%. The scheme is valid for a period of 45 days and will expire on 30 Jun 2019. However, Public Office Holders and their dependents were excluded from the scheme.

The meeting was attended by Finance Adviser Abdul Hafeez Sheikh, Commerce Adviser Abdul Razak Dawood, Planning Minister Khusro Bakhtiar, and other related government officers.

I am an accountant with over 3 years of experience in the field of Accounts and Finance. I contribute to e-Syndicate as Researcher and News Writer. I write about Finance, Business, Local Pakistani News and International Finance.