Islamabad: Pakistanis in possession of benami assets inside the country and overseas can now avail the government’s amnesty scheme by paying four-percent and 6% tax, respectively, to turn their holdings white, a news source has quoted Advisor to Prime Minister on Finance Hafeez Sheikh as saying. Furthermore, the Ministry of Finance has granted its approval to the draft of the Asset Declaration Ordinance 2019.
The advisor shared this information while briefing the federal ministers and members of Parliament in the Prime Minister’s Office on Monday. Sheikh informed the meeting members that the amnesty scheme, titled Asset Declaration Ordinance 2019, would be introduced before May 21. The amnesty scheme may continue till December.
As per its stipulations, benami asset holders in Pakistan can pay 4% of their assets’ total value as tax to get their holdings legally registered–with the owners of undeclared off shore asset required to pay 6%. Sheikh declared that the said amnesty scheme offered the last opportunity for benami assets holders to legalise their undeclared possessions. After the scheme’s expiry, the federal government would launch a crackdown in collaboration with the provincial governments against benami asset holders.
To seek a formal approval for the Asset Declaration Ordinance 2019, the Ministry of Finance has forwarded its draft to the Federal Cabinet. The cabinet, with Prime Minister Imran Khan in the chair, is expected to review the draft today (May 15).
The ministry will formally announce the scheme once the cabinet approves it.
As per reports, the scheme will be implemented via a Presidential Ordinance. The Federal Board of Revenue anticipates collecting additional revenue worth over PKR 300 billion via its nationwide unfolding. This amount is anticipated to help recover the revenue shortfall, which, in turn, will help the government to avoid imposing raised taxes on the people.
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