PM Khan chairs meeting to discuss tax amnesty scheme

ISLAMABAD: Prime Minister Imran Khan is currently chairing a meeting to discuss tax amnesty scheme as ministers remained divided on the subject in yesterday’s federal cabinet meeting, ARY News reported on Wednesday.

The meeting is reviewing the positive aspects of the scheme and sources claimed that the approval would be given only after the satisfaction of the federal cabinet members on the matter.

The cabinet had discussed the amnesty scheme during the session held on Tuesday, taking into consideration negative and positive aspects.

The session was presided over by Prime Minister Imran Khan and discussed money laundering and corruption issues, including the amnesty scheme.

In the two-hour long session, the members of the cabinet remained divided over the scheme.

The scheme

Under the proposed scheme, the government will offer three slabs for declaring all kinds of assets, both offshore and onshore.

The proposed slabs were 5pc, 7.5pc and 10pc for whitening of the assets though they could be changed before cabinet approval, the source said.

Moreover, the rates will also vary in cases of repatriation of assets to Pakistan and in cases of non-repatriation of foreign assets. However, it is not yet clear whether the government would link the scheme with the repatriation of wealth.

Read more: New tax amnesty scheme to be introduced before next budget: Asad Umar

Similarly, the benami properties, bank accounts, undeclared duty paid vehicles and jewellery will also be covered in the proposed scheme.

Under the proposed scheme, the government will bar all those holding any public office since the year 2000 from availing the tax amnesty scheme in an attempt to address concern that former heads of government and state can avail the assets whitening package.

The scheme is not meant to offer amnesty to public office holders who have pile up money through corruption and other illegal means.