LAHORE - The Pakistan Industrial & Traders Associations Front (PIAF) chairman Irfan Iqbal sheikh has welcomed the new tax amnesty scheme of the government aimed at bringing back the offshore wealth, hoping the scheme would become successful this time, although several amnesty schemes in the past had failed to get the desired results.
In a joint statement along with senior vice chairman Tanveer Ahmed Sufi and vice chairman Khawaja Shahzeb Akram, he hailed the government decision of one-time tax amnesty scheme to retrieve the offshore wealth of Pakistanis. He said that amnesties are good to attract the non-tax payers but these schemes should have been drafted carefully, keeping in view of their long-term effects.
He said several countries have introduced Amnesty Scheme for acceleration in the economic growth through utilization of hidden liquid assets in the main stream of the economy. He stated the scheme announced by the PM would also give confidence to the foreign investors as well as the local businessmen.
Irfan Iqbal said objective should not be to provide a shelter to illegal practices but to bring the isolated liquid assets into main stream of economy.
He said Pakistan's tax-to-GDP ratio of about 9 percent is the lowest regionally and among the lowest globally. So, regularizing black assets through amnesty schemes would enhance the tax net base, necessary for economic growth.