FPCCI proposes amnesty for undeclared foreign assets

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to grant one-time amnesty for declaring foreign assets or cash against 3 percent payment of income tax.

In a statement issued on Monday, Khalid Tawab, Acting President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) urged Finance Minister Senator Mohammad Ishaq Dar to announce the scheme which will incentivize individuals to bring their Assets/Cash back to their homeland through banking channel and play their due role in the main stream of economic activities of the country.

He said that these Pakistanis were forced to invest in foreign countries mainly due to a variety of reasons such as poor law and order situation; target killing, war against terrorism; political instability, uncertainty in economic policies etc., as were being prevailed in past years in the country.

However, the acting president of the Federation of Pakistan Chambers of Commerce and Industry  added that the situation has now been considerably improved in the country particularly in Karachi and Khyber-Pakhtunkhwa. 

“Now investment atmosphere is much better and local and foreign companies are keen to invest in Pakistan,” Tawab added.

This investment/amnesty scheme will give boost to the economy for creation of jobs and eradication of poverty.  This scheme can attract foreign remittance of billions of rupees, as well as taxes in huge amount, as Pakistanis now want to declare their foreign assets/cash and like to become part of National economy.  

Sheikh Khalid Tawab proposed that the package would help get rid of the IMF and other donor agencies’ loan.