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Deadline for tax amnesty scheme not to be extend beyond June 30 deadline

19 June, 2018

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KARACHI: Caretaker Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar said on Monday that the deadline for the tax amnesty scheme under the Foreign Assets (Declaration and Repatriation) Ordinance, which looks to broaden the government’s revenue base while ensuring declaration and repatriation of foreign assets into Pakistan, would not be beyond the June 30 deadline.

She said this on her visit to the Pakistan Stock Exchange (PSX), where she met with representatives of the PSX Board, its management and senior market participants. The participants of the meeting discussed various issues related to capital market development and the tax amnesty scheme announced by the former government, only 55 days before its tenure ended.

After giving a briefing about the role of the PSX, its CEO Richard Morin said the PSX played a central role in capital formation, without which there could be no sustainable economic growth in the country. He added that the PSX and the government shared the mission to work for the betterment of the people of the country, and to ensure that Pakistan assumed its rightful place among the world’s most important economies.

He also shared with the participants details of the PSX’s ambitious strategic plan which hopes to modernise Pakistan’s capital market and unlock its development potential. This includes a decision to launch new products like exchange traded funds and Sharia-compliant products targeted at middle class Pakistanis, as well as derivatives to broaden their offering.

Other key aspects of the plan include the PSX’s decision to develop the retail bond market; launch a national investor awareness and education programme; acquire world-class trading and market surveillance systems; streamline the process of documentation and opening accounts process; and improving investor protection.

Dr Akhtar then directed the PSX to form a committee to propose a five-year roadmap for the development of Pakistan’s capital market.

She also discussed the tax amnesty scheme announced by the government and informed the participants that scope of the scheme could not be extended beyond the June 30 deadline. She added that they should work diligently to maximise the amount of assets submitted under the scheme.

Dr Akhtar, who is also a former governor of the State Bank, elaborated on some issues pertaining to nominee accounts held at the Central Depository Company (CDC). She proposed to set up a committee comprising of representatives of the Ministry of Finance, the State Bank of Pakistan, the Federal Bureau of Revenue and the private sector to draft recommendations, by June 21, to eliminate possible ambiguities and to remove hurdles in implementing the amnesty scheme.

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