PTI’s Asad Umar slams PM Abbasi tax amnesty proposal, says move a bid to whiten black money

ISLAMABAD: Pakistan Tehreek-e-Insaf stalwart Asad Umar came hard on the Government’s proposal for tax evaders to join tax net and declare their income, properties settled abroad, saying the ‘amnesty scheme’ is to whiten the black money.

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Speaking at the Press conference Asad said that the Government did not consult the concerned authorities while designing amnesty policy, also adding that the policy is a slap to honest people who abide the law.

He claimed those involved in corruption, money laundering never use bank accounts, instead their henchmen do their dirty work.

On Thursday, the amnesty package was announced by Prime Minister Shahid Khaqan Abbasi without prior approval of the federal cabinet, almost 20 days ahead of the federal budget and 55 days before the PML-N tenure comes to an end on May 31. The package will come into force through a presidential ordinance soon.

PM Abbasi’s five-point tax reforms package

1 CNIC numbers to be made NTN numbers to monitor tax compliance of all citizens.

2 Income tax brackets and percentages to be revised. Complete exemptions on annual income up to Rs1.2m; maximum percentage of 15pc to be levied on income above Rs4.8m per annum.

3 Locally-held assets can be declared on payment of 5pc penalty; internationally-held assets on 2pc. Those who avail scheme to be granted one-time exemption from accountability laws.

4 A 2pc preemptive tax will need to be paid on all property transactions. Further, the govt will retain the right to purchase any property by paying 100pc over and above its declared value.

5 The government will monitor citizens’ financial records and issue notices if they find evidence of tax evasion.

Explaining details of the amnesty scheme, the Prime Minister said it would be one time incentive upto 30th of June this year to declare hidden assets inside and outside Pakistan.

“Five percent penalty to be imposed on cash or value of the local assets in Pakistan,” said PM Abbasi

PM announced that Political personalities will be exempted from amnesty scheme favors, adding that some political rivals will surely oppose that scheme.

Abbasi said that he will hold another joint press conference with Federal Adviser on Finance, Revenue and Economic Affairs Miftah Ismail and present statistics in the coming days.

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