New tax amnesty scheme to be considered: Asad Umar

Finance Minister Asad Umar announced on Saturday that the government is contemplating the implementation of a new tax amnesty scheme, driven by proposals received from the business community.

Speaking at a seminar organized by the Pakistan Business Council, Umar revealed that the business sector has actively advocated for the introduction of another tax amnesty.

“The Prime Minister has directed the finance ministry to take proposals from the business community,” stated Umar, highlighting the government’s responsiveness to the concerns and suggestions put forth by the business stakeholders.

However, Umar emphasized that any new amnesty scheme must be designed to generate revenue rather than merely benefiting specific individuals. The government is keen on avoiding amnesty programs that fail to contribute substantially to the national treasury.

“The government was not in favor of giving any amnesty which failed to generate revenue and just to benefit some individuals,” clarified Umar, emphasizing the need for fiscal policies that align with broader economic goals.

The finance minister also acknowledged his reservations regarding the effectiveness of previous amnesty schemes, stating that these concerns are on record. Despite past apprehensions, Umar expressed openness to considering a new amnesty if the business community submits well-founded proposals.

“If the business community submits proposals with rationales, the amnesty would be considered,” assured Umar, suggesting that a transparent and justifiable framework could pave the way for a more successful tax amnesty initiative.

The announcement of potential new tax amnesty comes against the backdrop of ongoing efforts by the government to reform the Federal Board of Revenue (FBR). Umar highlighted the government’s commitment to creating a business-friendly environment by prioritizing the restructuring of the tax collection agency.

“The government was giving priority to reform the Federal Board of Revenue (FBR) in order to make this business-friendly,” stated Umar, underscoring the significance of streamlining FBR operations to foster a conducive environment for businesses.

As the government explores the possibility of a new tax amnesty, it remains to be seen how the proposed scheme will address the concerns raised by Finance Minister Asad Umar and meet the expectations of the business community. The balance between facilitating economic growth, ensuring revenue generation, and promoting transparency will likely be at the forefront of discussions surrounding any potential tax amnesty initiative. The government’s commitment to engaging with the business community and considering their proposals reflects an ongoing dialogue aimed at fostering a collaborative approach to economic policies in Pakistan.