The Government Planned Another Amnesty Scheme for Non-Filers
1: Govt Introduces Another Budgetary Measure Before IMF Programmed
2: Finance Minister Gives Green Signal to Non-Filers to Purchase and Sell Properties of Any Value from July
3: Interest Payments Expected to Increase Rs2tr
4: The Defense Budget Will Go Up Due to Tension with India
In addition to introducing further financial actions in the run-up to an IMF program, the Government is planning to introduce another Amnesty Scheme to allow Non-Fillers with tax returns to whiten their undeclared assets both domestically and abroad.
Tuesday Finance Minister Asad Umar told reporters that the Amnesty Scheme Details had yet to be ended and would, on the strong demand of the business community, be introduced before the next budget.
He also announced that he would begin selling and buying property for non - filers on 1 July. He argued that a condition such that he announced in January of this year for the sale and purchase of vehicles was removed and this led to job creation.
He argued that a condition such that he announced in January of this year for the sale and purchase of vehicles was removed and this led to job creation.
In addition, Mr. Umar said that the government intends once and for all to increase property assessments at real - market rates for fiscal reasons and to reduce tax rates. This will begin with Punjab, Khyber Pakhtunkhwa and the capital of the Federal Republic and could then spread to Sindh and Balochistan.
The minister said interest payments were anticipated at around Rs2 trillion for the current year against the budget estimates of Rs1.62tr, while defense expenditures would also go up due to the recent tension with India but estimates at present were not available. In response to a question, he said any increase in next year’s normal defense budget would be based on Rs1.1tr of the current year and the armed forces development fund would increase on the basis of current year’s Rs576 billion.
In what appeared to be another move to satisfy the International Monetary Fund to keep fiscal deficit within the budgetary limits and predictable, the finance minister said the government would move out of the fixing of prices of utilities and petroleum products.
He told the media that many businessmen and industrialists suggested the government to grant a tax amnesty scheme before the next financial year's annual budget. He said the government had begun to consider an amnesty plan to disclose local and foreign property through the payment of tax.
He informed the government that it would take hard decisions to improve the country's economic situation. The Regulatory Authority for National Electric Power Tariffs would announce the determination of the tariff. In accordance with the Benami Act 2017, the Federal Revenue Board (FBR) has begun to issue a notice. He reported that in the next 2019 - 2020 budget, the Government would withdraw the bank withholding tax for non - filers. The government is also considering allowing non - filers to buy the property, but adds that they have full value for black money transactions.
The Minister of Finance said the government was approaching the IMF in order to implement the country's last programme.
In order to restrict the current account deficit, the Government would have to improve exports and remittances and control imports.
Asad Umar said the inflation headline is growing, which is a bad signal. But, for the first time in two years, the positive aspect is the fall in core inflation. He said that there were special benches set up for Supreme Court and High Court in order to deal with fiscal cases.