KARACHI: Tax practitioners have said the recent amnesty for foreign and domestic assets will only be successful by strong compliance and implementing laws for broadening the tax base.
Speakers of a seminar on Economic Reform Package and Tax Amnesty Scheme, jointly organised by the Pakistan Tax Bar Association (PTBA) and Karachi Tax Bar Association (KTBA) recently, said the federal government launched the scheme to whiten undeclared assets at home and abroad, a statement issued by the KTBA said on Wednesday.
Towards Foreign Assets (Declaration & Repatriation) Ordinance 2018, speakers highlighted that international economic forums are clamping down hard on
undeclared and illicit assets and consequent to signatory of the OECD it is imperative upon Pakistan to devise integrated common reporting system, which will make it impossible for
the Pakistanis to hide their undeclared assets / money abroad.
The tax reform package has an option to repatriate foreign assets back in Pakistan or to retain it in abroad against the payment of prescribed tax in US dollars, they said.
As to voluntary declaration of domestic assets, the government is determined to take a few steps in the budget 2018/19 that may serve to reduce the volume of speculative investments in real estate and increase the quantum of return filers.
Abid Shaban, Member, Tax Reform Commission, in his presentation said that the scheme needed clarity and sanctity of law.
He expressed the hope that all four ordinances would be ratified through the Parliament in the Finance Bill 2018/19.
Shaban also said that amendment to Section 5 of the Protection of Economic Reform Act, 2012 was commendable under which non-filers would no more be allowed to deposit cash in their foreign currency account.
Pakistan Tax Bar Association President Abdul Qadir Memon said that Pakistan has done nothing new by launching economic reform package, as several developed, as well as under-developed countries had already followed the suit successfully.
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