Islamabad With the new budget coming up, the Pakistan Tehreek-e-Insaf (PTI) government announced on Tuesday its first tax amnesty scheme on hidden domestic and offshore assets – in an attempt to boost the sinking tax revenue. Besides, the government announced that it would stop the unchecked outflow of dollars through foreign currency accounts, declaring its intention to amend laws to link the outflows for investment with the approval of the author.
In the past, the PTI had severely criticised the PML-N government for offering four tax amnesty schemes in five years. The PML-N government’s last tax amnesty scheme was for both domestic and offshore assets.
The minister said the government would keep in mind the concerns of the Financial Action Task Force (FATF). In April last year, the FATF had raised concerns about the adverse effects of Pakistan’s tax amnesty scheme on the global fight against terror financing and money laundering.
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