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Tax amnesty scheme to help prevent money laundering: President

Tax amnesty scheme to help prevent money laundering: President

ISLAMABAD: President Mamnoon Hussain has said the recent-announced tax amnesty scheme would help prevent money laundering and would also bring back foreign assets in the best interest of the country.

Talking to media persons during his visit to Directorate General of Immigration and Passports (DGIP), the President said similar amnesty schemes had been successful in Malaysia and Indonesia.

President Mamnoon rejected the impression that all the money stashed by Pakistani nationals in foreign countries was achieved through ill-gotten means. Instead, he said, most of the assets were the result of hard-earned money of Pakistanis and it was not correct to target them across-the-board.

President Mamnoon Hussain this month had given assent to the tax reforms package for undeclared foreign and domestic assets and reduction in income tax rates. To a question on friction among state institutions, the President said each should work in its own ambit to avoid such situation, which could be detrimental for the country.