The federal cabinet on Tuesday (April 16) seems to be divided over Amnesty scheme and did not gave approval to the much awaited and may be controversial amnesty scheme for assets declaration and Prime Minister Imran Khan also opposed the scheme as it goes against the party’s manifesto. PM Khan said that public should be taken into confidence on the basis of its merit, sources said.
After taking into consideration negative and positive aspects, the federal ministers expressed their reservations and sought further clarification regarding Amnesty scheme. In the two-hour long session, presided by Prime Minister Imran Khan, cabinet also discussed money laundering and corruption issues, including the amnesty scheme.
Speaking in a press conference after the federal cabinet meeting, federal minister Fawad Chaudhry informed about the disapproval of the scheme and also said that the cabinet expressed its dissatisfaction over the money laundering probe.
“Sharifs and Zardari were involved in financial malpractices. We hope that they both will be taken to their logical ends and the law will take its course,” he said. “Suleman Shehbaz and Shehbaz Sharif have no answer on money laundering while Hasan Nawaz, Hussain Nawaz and Ishaq Dar are not facing the courts.”
The scheme has four major objectives. It will help declaration and reporting of undisclosed assets, sales and incomes “for fresh start of tax compliant economy”. Also, it will provide economic stimulus by movement of funds, reduce litigation and enhance revenues without much effort.
The scheme will cover declaration of undisclosed assets, benami assets, sales and incomes on or before June 30, 2018 with tax rates ranging from 5-10pc with certain exceptions but assets would be valued at prescribed rates. “Foreign assets will be converted into money and remitted to rupee accounts in Pakistani banks or deposited into declarants’ own foreign currency bank accounts in Pakistan”. In the previous schemes, the foreign assets were not required to be transferred to Pakistan.
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