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Presidential ordinance for tax amnesty scheme to be issued today: sources | Pakistan

It is expected that the presidential decree on the adoption of a new scheme of tax amnesty will be published today (on Sunday), sources in Geo News reported. ISLAMABAD: It is expected that the presidential decree on the adoption of a new tax amnesty scheme will be published today (on Sunday), sources in Geo News reported.

Sources said that the scheme of the tax amnesty will be implemented in the form of a resolution, adding that if the president's decree is not published today, implementation of this scheme will be a difficult task.

According to sources, a special law was developed to implement a tax amnesty. If the amnesty scheme is not implemented in accordance with the president's decree, then the parliament will pass the law, sources added.

Sources shared that if the President's order were not published, it would be difficult to obtain a law passed in the Senate. It is expected that the session of the Senate will be held tomorrow (Monday).

There are some legislative flaws in the scheme of tax amnesty, sources in the Ministry of Finance noted, adding that efforts are being made to correct them.

The source said that between the implementation of this scheme there is no unity between the Federal Council for Revenues and the Ministry of Finance.

On Thursday, Prime Minister Shahid Hagan Abbasi announced the reduction of income tax rates and an amnesty scheme aimed at expanding the government's revenue base.

Announcing that all 120 million national ID card holders will be assigned tax numbers, Abbasi said at a press conference in Islamabad: "If you do not pay taxes, Pakistan will not be sustainable."

He specified that politically exposed persons (PPPs) and their families were not eligible for benefits under this scheme – valid until June 30.

"According to the amnesty plan, all Pakistanis will be able to declare their unpublished income and assets and bring their money to the tax base after paying 5 percent

" The scheme does not violate money laundering laws "

Advisor to the Prime Minister for Finance Miftah Ismail reassured the concern of the Financial Action Task Force (FATF) on Saturday d) guaranteed that the scheme of the tax amnesty does not violate the laws on money laundering.

"The scheme of Pakistan's fiscal amnesty complies with all international anti-money laundering laws," said the finance adviser when speaking with Geo News.

Ismail shared that he received an e-mail from the global observer for money laundering, the FATF, calling for the satisfaction of global needs and agreed guidelines.

"The FATF stressed the need for strict control of money laundering and terrorist financing," the financial adviser to the Prime Minister of Pakistan said.

Ismail further said that he had not yet responded to this letter.


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