Islamabad (Staff Report/Agencies): Federal cabinet chaired by Prime Minister Imran Khan on Tuesday approved the tax amnesty scheme.
“The main objective purpose of the scheme is not to generate revenue but to document the economy and to bring dead assets into the economy,” Adviser to the Prime Minister on Finance Hafeez Shaikh said during a press briefing in Islamabad.
Everyone could be a part of the scheme except public office holders and their dependents, he added.
Under the scheme, the finance adviser revealed, assets within the country and abroad can be whitened after paying a certain amount. For the whitening of properties, the value will be considered 1.5 times more than the FBR-assigned value.
A rate of 4pc will be charged for whitened money and the cash will have to be brought into Pakistan to be kept in banks. For people wanting to keep their money abroad, a rate of 6pc will be charged.
He said effort has been made to implement the scheme seamlessly and it has been kept realistic.
Replying to a question, he said 16 billion rupees will be earmarked in next budget to subsidize the consumers using electricity upto 300 units a month. He said the budget of BISP will be increased to 180 billion rupees to help poor segments of society.
Adviser to PM on Finance said those who are criticizing the decision of going to IMF have themselves gone to the fund in past.
He said in order to increase the performance of FBR, several crucial decisions are being made with new FBR chairman and renewed resolve of the government.