20000303

Hidden wealth

regularisation

amnesty scheme

welcomed

RECORDER REPORT

FAISALABAD: Regularisation of hidden wealth through grant of general amnesty after payment of 10 percent tax is indeed a right step in the right direction which would go a long way towards balancing our economy.

But there is still a lot to be done yet for long range economic planning.

These ideas were expressed by G R Arshad, Chairman All Pakistan Textile Processing Mills Association (Aptpma), former chairman Karachi Chamber of Commerce & Industry (KCCI) and Life Member FPCCI through a press release, in response to the above pronouncement of the Amnesty scheme.

He said as per the scheme, undisclosed and untaxed income, as well as accrual assets therefrom, shall be regularised on payment of tax at the rate of 10 percent. Furthermore, the assets declared under the said scheme would not be liable to wealth tax for the preceding years and would also be exempt therefrom for the next five years.

Arshad also stated that he had supported this immunity at different fora in the near past including his recent meeting with Finance Minister Shaukat Aziz.

He reiterated that besides bringing in a substantial quantity of additional revenue to the exchequer, the amnesty scheme would strengthen the liquidity status of our commercial sector and assist in capital formation for the industrial entrepreneurs. He said the exemption from wealth tax for the next five years would serve as an additional incentive.

Arshad also stated that the present amnesty scheme can be deemed as a first major breakthrough for leading poise and equilibrium to our ailing economy. But there is still promotion of our exports through concerted efforts and pragmatic approach.