Tax amnesty scheme to revive economy: Hafeez

Asset declaration scheme to boost revenues: Shabbar Zaidi

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OUR CORRESPONDENT

ISLAMABAD

Pakistan and United Arab Emirates, Tuesday, reiterated strong resolve to further enhance trade and economic cooperation. This commitment was expressed in a meeting between UAE Hamad Obaid Ibrahim Salem Al- Zaabi with Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh here. Both the leaders pledged to further enhance economic and trade relations between the two countries.

Talking to the envoy, Dr Abdul Hafeez Shaikh said, both the countries should realize full potential of their ties by encouraging the private sector to come and invest in Pakistan. He thanked the UAE government for providing financial support to Pakistan under the Abu Dhabi Fund for Development. The UAE ambassador said that both Pakistan and UAE needed to work together to further upgrade their ties and develop strategic partnership.

The government Tuesday announced Asset Declaration Scheme, providing one more opportunity to all Pakistani citizens to declare and legalize undisclosed assets inside and outside the country by paying just four percent taxes on all assets other than real estate.

The scheme would be applicable till June 30, and all Pakistan citizens, other than those holding public offices or their dependents, would be able to take benefit from it, Advisor to Prime Minister Finance, Dr Abdul Hafeez Shaikh said at a press conference while announcing the scheme after its formal approval by the federal cabinet.

The advisor was accompanied by Special Assistant to the Prime Minister on Information and Broadcasting, Dr Firdous Ashiq Awan, State Minister for Revenues, Hammad Azhar and Federal Board of Revenue Chairman Syed Shabbar Zaidi.

The advisor said basic purpose of the scheme was not to generate revenue but to document economy and make the dead assets functional to promote economy. He said the philosophy behind the scheme was to encourage businessmen to participate in the legal economy, adding it did not intend to intimidate people.

He said efforts have been made to make the scheme easy in understanding as well as implementing. He said all assets were included in the scheme inside or outside Pakistan. All assets other than real estate, would have to pay four percent to get these legalized.

Moreover, a meeting of the Economic Coordination Committee (ECC) of the Cabinet has been summoned here today. Prime Minister’s Adviser on Finance Dr Abdul Hafeez Shaikh will chair the ECC meeting, which is expected to deliberate on a 16-point agenda in its session.

The ECC meeting will discuss supplementary grants for various government departments and ministries including narcotics control, cabinet division, ministries of industry and production, interior and energy. The ECC will also discuss procurement of wheat by the government

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