Amnesty Scheme for Non-Filers planned ,Finance Minster sats Non-filer can also purchase and sell peoperties of any value from july (Dawn News)

Good News for Realtiers ,investers, related to property buying selling ( Non-filer anf filer can buy property after 1st jully by asad umer)

The Goverment of pakistan planed to introduce another amnesty scheme to provide non-filers of tax returns an opportunity to whiten their undeclard assets at home and abroad and get into te tax net besides introducing further budgetary measures in the run-up to entering into an IMF programme.

   Finance Minster Asad Umer told reporters on Tuesdat theat details of the amnesty scheme had not yet beet Finalised but it would be introduced before the coming budget on the strong demand of the business community.

        He also Announced that he was going to open sale and purchase of properties to non-filers with effect from July 1st. He defeded the removal of such a conditionsale and purchase of vehicles . He said nothing barred the tax machinery from issuing tax notices to the purchasesrs of vehical and Properties, Bringing them into the tex net and recovering taxes.

      Moreover, Mr Umar Asad said the government was planning to increase property Evaluations for tax purpose to Real market rated once and for all adn reduce tax rates.For This,the change will start from punjab,Khyber pakhtunkhwa and the federal capital and then could be extended to Sindh and Balochistan.

   The Reason to introduced amnesty schme the business community and some other people were of the view that the campaign against tax evaders had created a lot of fear and harassment that the government was serious in its efforts and if the purpose fof the government was to collect more taxes,they should be given an opportunity to come into the net.

    There can be a one-time opportunity for asset declaration that we will announce before the (coming) budget, he said. He did not go into broad contours of the scheme, saying that the discussions have just begun; they came up with a proposal which we accepted as a good idea. He said the scheme would be complaint with the requirements of the Financial Action Task Force .

    Asked if the Scheme meant generating revenues to reduce fiscal deficit before formally entering into the IMF programme, Mr Umar said the Fund would have no objections to the amnesty scheme as many such schemes had also been launched in the past. He said the scheme would carry both the stick and the carrot and also invited media persons to offer suggestions.

     Asked if the revenue target was being revised over the massive shortfall of around Rs290bn in nine months, the minister said the government was not considering reducing the revenue target set for the current year  but planning actions that would overcome the shortfall.

    He said the government would also share details of the medium-term budgetary framework with the oposition at the National Assembly,s  

Standing Committee on Finance and seek their input as agreed  at a recent meeting of the committee. The framework would also be announced through the media the same day.he added.

                        Mr Umar said he was in favour of wealth tax on assets, but parried questions if the idal was not afainst price minister Imran Khan,s philosophy of encouraging wealth creation to encourage more investments,

Dawn News 3/4/2019