ISLAMABAD: The Federal Finance Minister Asad Umar said on Tuesday a new tax amnesty scheme will be launched soon by the government prior to the upcoming budget which will permit both foreign and local assets to be declared.
Talking to journalists in state capital, the Finance Minister said although the scheme has not been finalised yet, the ministry was still seeking advice on the matter.
Umar said he realizes that the scheme “is a demand of the business community”, recognizing that people should be given an opportunity to declare their assets. He said the new scheme was being prepared with keeping national economy in mind.
Minister said the recent petroleum price hike was decision of the Oil and Gas Regulation Authority (Ogra). Umar said, “a tax of Rs23.30 is being charged on petrol. The base price of petrol is Rs75.57 and the people are being charged Rs98.89. The prices are determined by Ogra.”
Minister mentioned that Finance Ministry’s proposals regarding petroleum prices had been rejected by the Prime Minister Imran Khan on various occasions and Ogra had the right to determine petroleum prices after consulting and getting approval from the parliament.
On recent bitterness between Federal Foreign Minister Shah Mehmood Qureshi and Jahangir Tareen, Umar said, “the Supreme Court has not barred Jahangir Tareen from breathing. the Prime Minister can call whomsoever he wishes to cabinet meetings. Jahangir Tareen only sits in the meetings with the prime minister’s permission,” contradicting FM Qureshi’s viewpoint on the issue.