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Finance ministry seeks proposals for another tax amnesty scheme

Finance ministry seeks proposals for another tax amnesty scheme

ISLAMABAD: Federal Finance ministry has asked Federal Board of Revenue (FBR) to propose suggestions and recommendations for a tax amnesty scheme as the government is planning to announce another amnesty scheme in the next budget, it is learnt here.

Sources told Customs Today that finance ministry has started working on a tax amnesty scheme and directed FBR to forward suggestions and recommendations for the next scheme within a month. The board has told finance ministry that it will take five to seven years to collect tax on the foreign assets of Pakistanis; however, the tax amnesty scheme is more fruitful to the tax collection and increase the revenue collection.

Sources also said that the government is planning to collect taxes from 30,000 foreign assets holders, having collectively more than $40 billion of assets; however, through legal process it can take much more than to collect the taxes on the assets. The board has suggested the finance ministry to bring Tax Amnesty Scheme for easily and early tax collection on those assets.