Muhammad Aslam Khan PEW

New tax amnesty scheme backed Owners of benami assets should be given last chance :Pakistan Economy Watch

BUSINESS

KARACHI – The Pakistan Economy Watch (PEW) on Friday lauded the government decision to introduce a new tax amnesty scheme.

The move will be an important part of the government’s efforts to revive the economy in these difficult times, it said.

The scheme should be finalized as soon as possible because it will not only increase tax net and improve revenue but also help the worried business community, said Chairman PEW Brig. Muhammad Aslam Khan (Retd).

He said that the government should announce that the upcoming scheme would be the last one which would be followed by strict action as many owners of benami assets deserve a last chance.

Brig. Muhammad Aslam Khan noted that amnesty schemes announced in the past have not benefitted the government but some elements, therefore, the government should learn a lesson and announce an acceptable and transparent scheme.

He noted that the same political parties are criticizing the move despite the fact that they announced highly controversial amnesty schemes when in power.

Keeping benami assets has become impossible due to the efforts of the government but different banks still hold over Rs 500 billion in benami accounts while benami properties worth trillions of rupees have been identified that must be regularized.

He noted that worries among the business community are translating into heavy losses, therefore, the matter should be settled without delay.

The bankers who help influential to operate benami accounts and conduct illegal transactions should also be brought to the book, he demanded.