Offshore tax amnesty gets political backing

Proposals of a Supreme Court constituted committee – to place restrictions on inward free movement of foreign currency and to withdraw secrecy available to foreign currency account holders – are reportedly not backed by the political leadership. A meeting was held in the PM Office where there was unanimity of the views of both the political leadership and the bureaucracy on the need of offering the offshore tax amnesty scheme to all Pakistanis, asking them to get their hidden foreign assets legalised at low tax rates. But the bureaucracy and the political leadership remain divided over its contours. The PM is not in favour of imposing restrictions on tax-free inflows of remittances and withdrawal of secrecy from foreign currency accounts.

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