PM’s tax amnesty scheme fails to attract people
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Zibago
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Time for ghauri
The deadline must be followed by an operation dhabardhos
Note ban? Not a chance that would be destruction x 100 for poor people
Verve
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Prize bonds being phased out as well. Either deposit in a bank account or it becomes scrap paper past deadlines.
Billions hiding in prize bonds!
I have a feeling new currency notes monetary policy is coming as well. Old notes to be deposited in banks or scrap paper, just like prize bonds.
Billions hiding in prize bonds!
I have a feeling new currency notes monetary policy is coming as well. Old notes to be deposited in banks or scrap paper, just like prize bonds.
ps3linux
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Right move these are the best money laundering vehicles, about 900 billion rupees worth prize bonds are in circulation means grey economy, a friend in another bank told me one person holding 20,000 Rs 40,000 bonds plainly roughly 800 million rupees en-cashed them last week from their main branch.
We have to understand that 4.7 trillion rupees is in circulation (M1-1 Feb 2019 SBP)as hard currency, bonds are almost 25% of that amount all undocumented bearer securities.
If you get a first prize on any bond go to prize bond dallals or sbp tell them I want to sell it and what you offer, you ll be amazed to see the offers. My elder one got a prize of 10 million on his bond when we went to SBP we were offered 17 million rupees if we sell it outside.
New currency idea is too expensive and impractical right now, but if it becomes a necessity govt should go ahead with it, major problem is gold and real estate.
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Im sorry but this tax drama is ridiculous. If I was living in Pakistan I too would wonder for what reason I am paying taxes. Do my kids get to schools? No. Does my car drive on a decent road? No. Can I rely on the police to do thei duty? No. And the list goes on and on.
Some will say u have to pay to allow the govt the resources to do these things. But again I ask why should the average Pakistani believe this? Khursheed Shah humiliated the govt by reciting a litany of u-turns IK took. The average guy is thinking...yes none of this is IK's fault but he has turned his back on every promise he made and now he wants me to trust him once more.
Instead of getting water out of a stone...if our leaders were serious and smart they would focus like a laser on reducing the size of govt, removing all the red tap for doing business, removing the bribe culture in business and private life, demand that the judiciary adjudicate business/proprety and financial cases with lightening speed. y father in law has been fighting a renter who now claims he is the owner for 10 years. The court has acknowledged the house is not the renters but is now dragging its feet on saying it is my father in laws. What sane person would invest in a business/buy property/house in a country where a scumbag chor renter will one day claim he owns the pace and you actually have to go to a court to get justice...and then said court does nothing for years.
Some will say u have to pay to allow the govt the resources to do these things. But again I ask why should the average Pakistani believe this? Khursheed Shah humiliated the govt by reciting a litany of u-turns IK took. The average guy is thinking...yes none of this is IK's fault but he has turned his back on every promise he made and now he wants me to trust him once more.
Instead of getting water out of a stone...if our leaders were serious and smart they would focus like a laser on reducing the size of govt, removing all the red tap for doing business, removing the bribe culture in business and private life, demand that the judiciary adjudicate business/proprety and financial cases with lightening speed. y father in law has been fighting a renter who now claims he is the owner for 10 years. The court has acknowledged the house is not the renters but is now dragging its feet on saying it is my father in laws. What sane person would invest in a business/buy property/house in a country where a scumbag chor renter will one day claim he owns the pace and you actually have to go to a court to get justice...and then said court does nothing for years.
SSGcommandoPAK
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According to reports, Government has collected over 1 Trillion rupees through the Amnesty Scheme 2019, please confirm?
Pakistanis legalize Rs1 trillion foreign assets in amnesty scheme: report
Web Desk On Jun 25, 2019
DUBAI: Pakistan nationals have legalized their assets worth Rs1 trillion in foreign jurisdiction including Rs346 billion in the United Arab Emirates (UAE), highest in a foreign country, Khaleej Times said in a report.
The assets whitened by Pakistanis in UAE, accounting for over one-third (34.5 per cent) of the total whitened foreign assets in the Assets Declaration Scheme, the paper said.
Overseas Pakistanis have expressed their trust over the amnesty scheme launched by the PTI government.
Switzerland with its Rs114.8 billion legalized assets was next highest to the UAE, the report said.
While in the UK Rs89.7 billion, Singapore Rs87.3 billion and British Virgin Islands Rs48.9 billion assets were whitened, Director General for international tax at Federal Board of Revenue Dr. Muhammad Ashfaq Ahmed said in an interview with Khaleej Times.
He said most of the foreign assets owned by the Pakistanis is parked here that’s why we chose this place to send the message to Pakistani nationals across the world that they have less than one week to benefit from tax amnesty and declare all their undeclared assets.
“On a bilateral arrangement, the UAE and Pakistan share full details of the property. As far as bank details are concerned, they are shared automatically,” FBR official said.
The purpose of the amnesty scheme, which will end on June 30, 2019, is to allow the non-documented economy’s inclusion in the taxation system to trigger economic revival and growth by encouraging a tax compliance in the economy, Ahmed had earlier said while addressing the community and media personnel in Dubai.
He revealed that some reports indicated a massive informal economy, estimated to be around 80-90 per cent of the formal GDP.
“Hence, the government decided to give a new lease of life to economy and introduced amnesty. All the overseas Pakistanis have to declare their earnings being generated in Pakistan and file tax returns,” he said.
He said it is an era of transparency and developed countries have ended secrecy jurisdictions and developed a framework for sharing information of their residents’ assets in those countries.
“Last year, Pakistan received information from 28 countries and UAE was one of them. This year, we are going to receive from 71 countries. In the next two to three years, the number could go beyond 100 countries with whom Pakistan will exchange this information,” he said.
Pakistanis legalize Rs1 trillion foreign assets in amnesty scheme: report
Web Desk On Jun 25, 2019
DUBAI: Pakistan nationals have legalized their assets worth Rs1 trillion in foreign jurisdiction including Rs346 billion in the United Arab Emirates (UAE), highest in a foreign country, Khaleej Times said in a report.
The assets whitened by Pakistanis in UAE, accounting for over one-third (34.5 per cent) of the total whitened foreign assets in the Assets Declaration Scheme, the paper said.
Overseas Pakistanis have expressed their trust over the amnesty scheme launched by the PTI government.
Switzerland with its Rs114.8 billion legalized assets was next highest to the UAE, the report said.
While in the UK Rs89.7 billion, Singapore Rs87.3 billion and British Virgin Islands Rs48.9 billion assets were whitened, Director General for international tax at Federal Board of Revenue Dr. Muhammad Ashfaq Ahmed said in an interview with Khaleej Times.
He said most of the foreign assets owned by the Pakistanis is parked here that’s why we chose this place to send the message to Pakistani nationals across the world that they have less than one week to benefit from tax amnesty and declare all their undeclared assets.
“On a bilateral arrangement, the UAE and Pakistan share full details of the property. As far as bank details are concerned, they are shared automatically,” FBR official said.
The purpose of the amnesty scheme, which will end on June 30, 2019, is to allow the non-documented economy’s inclusion in the taxation system to trigger economic revival and growth by encouraging a tax compliance in the economy, Ahmed had earlier said while addressing the community and media personnel in Dubai.
He revealed that some reports indicated a massive informal economy, estimated to be around 80-90 per cent of the formal GDP.
“Hence, the government decided to give a new lease of life to economy and introduced amnesty. All the overseas Pakistanis have to declare their earnings being generated in Pakistan and file tax returns,” he said.
He said it is an era of transparency and developed countries have ended secrecy jurisdictions and developed a framework for sharing information of their residents’ assets in those countries.
“Last year, Pakistan received information from 28 countries and UAE was one of them. This year, we are going to receive from 71 countries. In the next two to three years, the number could go beyond 100 countries with whom Pakistan will exchange this information,” he said.
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