Cabinet to approve money whitening amnesty scheme today

Cabinet to approve money whitening amnesty scheme today

ISLAMABAD: The federal cabinet may consider and approve the new amnesty scheme today which is meant for whitening the ill-gotten money.

The scheme may continue till the end of current fiscal year and it would be offered for domestic and foreign undisclosed assets. The scheme may be prolonged beyond July 2019.

The amnesty would also be offered for gold and cash in bank accounts at different rate of taxes.

After approval from federal cabinet the government would introduce the scheme through promulgation of presidential ordinance and subsequently would approve from the parliament through finance bill.

Many stakeholders are not in favor of giving tax dodgers another opportunity through money whitening scheme as the domestic and international laws are strengthened against tax evasion.

The FBR during the last three months also demonstrated efforts against tax evaders through confiscation of properties and other assets besides arrests in tax evasion.

However, the FBR sources believed that the fear created during the past three months and data gathered regarding businessmen was sufficient to make the amnesty scheme a success.