Government is bringing another amnesty scheme and non-resident Pakistanis will benefit the most from it, says Senator Haroon Akhtar, Special Advisor to PM on Revenue.
He added that it would be a huge success if $4-5 billion are received under this scheme. Haroon Akhtar further said that special incentives will be given to those who will declare their assets.
These incentives include low tax rates, a full guarantee of confidentiality, among others – given to anyone who avails the scheme. He said;
We will give full incentives in the budget to those people who will declare their assets; the budget would be the pro-business community.
Who Will Avail the Scheme
Haroon Akhtar told that any Pakistani can avail the scheme, however, public office holders won’t be allowed to get any benefit from it. He answered this question after he was asked whether Hassan and Hussain Nawaz, sons of ex-PM Nawaz Sharif, will be able to avail the scheme or not.
He denied the talks of generating $100 billion through the scheme, Haroon said;
If $4-5 billion came from non-resident Pakistanis from the scheme, it would be a big success. The scheme is expected to be announced for a period of 3-6 months.
Talking about the level of immunity, he said that the foreign account holders need to have the surety that they have complete immunity from the laws of Pakistan. Otherwise, the scheme will not be fruitful as it is intended to be, he said;
If we have not given a clear guarantee to the persons availing the scheme and immunity from all laws of Pakistan, the projected amount would not come. If we do no ensure confidentiality of persons availing the scheme, it would not be a success.
It is pertinent to mention here that, NAB Chairman Karachi recently said that NAB has full authority to investigate the source of income of anyone availing this scheme. So we will have to see how the immunity incentive works out.
Talking about the incentives, Haroon told that the incentives will be announced in the upcoming budget for next fiscal year. The budget will be announced on 27th April, before the term of current government ends on 31st May.