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21 May 2024

Pakistan unveils new schemes for those who don’t pay taxes

Photo: AFP


Pakistan has unveiled a new scheme for those who don’t pay taxes, urging people to declare their assets and pay a 4% tax on them before June 30 to avoid arrest and confiscation.

Abdul Hafeez Shaikh, an economic adviser to the government, said Tuesday the motive behind the measure is to make those people who have not disclosed their assets part of the legal economy.

Shaikh said Pakistanis who have money in foreign banks can also benefit from the arrangement but they will have to keep their money in Pakistani banks.

In the past, Pakistan announced similar schemes, but they mostly failed to attract non-tax payers who complain that authorities harass them.

The latest measure comes days after Islamabad reached a preliminary agreement with the IMF for a $6 billion bailout.