KARACHI: Minister of State for Finance and Revenue Rana Muhammad Afzal has said that the government will announce an amnesty scheme for Pakistanis by mid-March to declare their foreign assets.
He said while addressing the exporters of value-added apparel sector in a meeting held at Pakistan Hosiery Manufacturers & Exporters Association (PHMA) House, Karachi. “Country have to pay $3 billion before June against foreign debts for which, fresh soft borrowings shall be made at lowest possible rates,” he added.
The government is also considering to enhance tax slab for existing business and salaried class from existing Rs0.4 million to Rs0.8 million and also considering to reduce tax on corporate sector from 30pc to 20pc in order to enhance the tax base.
The revenue shortfall shall be covered up by bringing new taxpayers into the tax net. He further said that revenue collection has remarkably increased by 20pc and resultantly, the development portfolio has also increased as provinces are now getting bigger share.
“We intend to leave behind good foreign exchange reserves so that the caretaker government as well as the new government do not face problem in coming years,” he added.
The economic indicators have improved and FDI and foreign buyers are also coming to Pakistan. Due to long term measures in the energy sector, the energy price will reduce by 5 cents per unit henceforth will have an impact on cost of doing business.
Government is well aware of the difficulties of exporters and is taking all possible steps to facilitate them. Value-added apparel sector contributes the largest share in the national exports and deserves government’s highest attention.
The exporters are playing imperative role to strengthen the economy and supporting the government to curtail trade deficit. Major chunk out of approx Rs160 billion refund claims of exporters shall be cleared which would have positive impact on exports.
He was of the view that the government should meet the sector-specific associations to learn about their problems and issues rather than relying on 2 or 3 trade bodies which claim themselves to represent the entire business community which is not true.
He further added that he will send recommendations to the Commerce & Textile Division to revive the role of value-added textile Associations as previously played by them in previous PM Package Duty Drawback of Taxes scheme whereby the Associations use to verify claims of its member exporters before submission to the Government.
