Amnesty scheme should help economic growth: FPCCI

KARACHI: The apex trade body of the country has suggested the government to use money brought into Pakistan under planned amnesty scheme for economic growth, a statement said on Thursday.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Ghazanfar Bilour welcomed the prime minister’s decision of one-time tax amnesty scheme to bring back the offshore wealth of Pakistanis deposited with foreign banks.

They have invested the money in the Middle East, Far Eastern countries, Western Europe and offshore companies, while net inflows of investment are declining in Pakistan, he said. Several countries have introduced one-time amnesty scheme for acceleration in the economic growth through production and utilisation of hidden liquid assets in the main stream of the economy, the FPCCI president said. He also said the FDI is directly associated with the trend of investment by local investors that gives confidence to the foreign investors. The objective of this amnesty scheme should not be to provide a shelter to illegal practices, but to bring the isolated liquid assets into the main stream of the economy for its utilisation to provide funds for the growth of national economy, development of basic business infrastructure and to provide employment opportunities, at large scale, he added.