ISLAMABAD: The cabinet on Tuesday approved tax Amnesty Scheme.
After getting cabinet's approval, the new scheme would be implemented through promulgation of a Presidential Ordinance.
Also read:Tax Amnesty Scheme 2019: Assets Declaration Ordinance
Prime Minister Imran Khan presided over the cabinet meeting where a briefing on the new tax amnesty scheme was given.
President Arif Alvi is expected to promulgate the ordinance today.
The new scheme proposes different rates for those declaring their assets by June, September and December this year.
Dr Hafeez Sheikh media talk
Finance Adviser Hafeez Sheikh spoke to the media after cabinet meeting.
He said aim of the amnesty scheme is not to accumulate money but to add the assets (undeclared) to economy and make it functional.
He said efforts were made to make the scheme easier so that people would not face difficulties.
The adviser said the philosophy behind the scheme is not to frighten people instead it is aimed at encouraging people to play their part in economy in a legal manner.
He said every Pakistan can take part in the scheme. The finance adviser said one condition for declaring foreign assets is that they would be have to be deposited in a bank account.
He said the money taken abroad could be whitened by paying 4 percent tax. "But the money will have to be kept in a Pakistani bank account," he said.
He said for those who want to keep the money abroad after getting it whitened will have to pay be six percent tax.
He said undeclared benami assets are liable to confiscation under the new law. "But here we are giving the facility to whiten benami assets"