New York: Moody’s, an international credit rating agency, believes that if the tax amnesty schemes turns out successful, it can help increase revenue for the Government of Pakistan, a new sources reported. This scheme may also alleviate fiscal pressure that rose from low revenue generation capacity, the agency expects.
In addition to that, it can also increase capital expenditure for the China-Pakistan Economic Corridor. The report further states that this could also ease pressure on Government for balance of payment in the current fiscal year that ends in June 2018. The agency also calls it “Pakistan’s first tax amnesty scheme targeting the foreign assets”.
The report also made a mention of latest estimates given by the Government of Pakistan, according to which only 1.2 million out of the country’s total population of 20 million file tax returns. And among these 1.2 million tax filers, only 700,000 pay taxes.
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