Jang Economic Session: Planned amnesty scheme to benefit elite: experts

LAHORE: The new amnesty scheme planned by the government before the next election will benefit to the elite’s assets in Pakistan and abroad. It will not benefit the public and taxpayers. These views were expressed by the experts in Jang Economic Session on “Experts Opinion on Expected Amnesty Scheme for Local and Foreign Assets.” The panellists were Ansar Javeed, Razi Khan, Abdul Wadood Khan, Haji Ahmed, Dr Ikram-ul-Haq and Imran Afzal. The event was hosted by Sikindar Lodhi. The panellists also said if the government was serious to increase the tax collection, it should give rebate of 10 percent to 20 percent to the existing taxpayers which would pave the way for equal economic system.

Ansar Javeed said that outcomes of the past amnesty schemes should be considered before a new scheme while best scheme would be a transparent one, benefiting the country and the economy. He said amnesty was now linked with FBR which was incorrect as FIA, NAB, Foreign Exchange Control, Anti-Narcotics Force and all other institutions controlling financial crimes were responsible for the country’s money lying aboard. He said the new scheme would also flop if the past schemes’ outcome was not considered.

Razi Khan said that goodwill was important success of any amnesty scheme and any scheme with it would not give the desired results. He said the money laundering laws already existed in Pakistan, only their implementation was required. He believed that the new scheme would not be helpful in foreign exchange reserves and balance of payment. Hurriedly giving any scheme to benefit the few is not good, he added.

Abdul Wadood Khan said the amnesty schemes were given in everyone’s tenure and the forthcoming scheme was also for the elite only before election. He said the scheme was being introduced on Indonesian model to protect the offshore companies’ owners. He said the scheme was a good chance to legalise the ill-gotten money which might benefit the economy. However, this scheme should be approved by the parliament, he added.

Haji Ahmed said the objective of the new scheme was to launder the undeclared assets to benefit the economy. The timing of the scheme is crucial in the backdrop of international issues. He said the new scheme was for the elite class and it should not be protecting the tax evaders. He said the previous amnesty scheme was flopped and revenue targets were not met.

Imran Afzal said the new amnesty scheme was a result of global pressure. If implementedeffectively, it would benefit the economy. However, the scheme should be equally available to the elite and other class for maximum results, he said, adding that better outcome was possible with proper homework. He suggested amnesty scheme for local assets too as local assets collections made Indonesian scheme successful in revenue generation. He said the money laundering and offshore companies were now a global issue.

Dr Ikram-ul-Haq said that the US announced scheme after getting information from the Swiss banks so Pakistan should also announce the scheme after gathering information which was not a difficult task now.

He called for strict rules and regulations like those in the US and Germany for the success of the scheme. He said if $ 2 billion instead of $ 20 billion were generated from scheme, it would be a big achievement.