Business community supports Tax Amnesty Scheme

Islamabad: The business community supports the move of the government to offer a tax amnesty scheme to lure Pakistanis who have stashed money abroad to bring their wealth back, a business leader said.

Wealthy Pakistanis have invested hundreds of millions of dollars abroad which if brought back can change the fate of Pakistan, said Chairman of FPCCI Regional Committee on Industries Atif Ikram Sheikh.He lauded the Finance Minister Ishaq Dar for asking expatriates to invest in infrastructure development in Pakistan to discharge national obligations and get good returns.

Establishing Pakistan Development Fund with the cooperation of Asian Development Bank and offering shares worth 1.3 billion dollars is a laudable move in which Pakistanis should participate whole heartedly, he said.Atif Ikram Sheikh also supported the decision to create Pakistan Infrastructure

Bank in which sixty percent shares and management will be in the hands of the private sector as it will give a boost to the businesses and tackle many problems being faced by the business community.

He noted that Pakistanis have invested at least 150 billion dollars in foreign banks and property market which must be lured back to resolve the ongoing problems like dwindling exports, increasing imports and reduced local and foreign investment.

The Tax Reforms Commission has recommended fifteen percent withholding tax on the assets that are brought back to the country which must be reduced to lure funds hidden abroad, he demanded. Business community supports the move of the government to offer a tax amnesty scheme to lure Pakistanis who have stashed money abroad to bring their wealth back,

The Tax Reforms Commission has recommended fifteen percent withholding tax on the assets that are brought back to the country which must be reduced to lure funds hidden abroad, he demanded.