LAHORE: The businessmen in Punjab seem to be divided over the first tax amnesty scheme announced by the Pakistan Tehreek-e-Insaf (PTI) government.
He suggested that the new amnesty scheme will allow threats level to decline and businesses will grow. “People are now fed up with under-invoicing, mis-declaration of assets and most of them want to come out of this mess; I believe a lot of people will choose this scheme to avoid any future raids on their business premises,” he said.
As a general consensus among the business community, the real estate sector harbors the largest chunk of black money. While some may use real estate as a way of hiding their black money others use the loopholes within the system.
Earlier people used the amnesty scheme to legalize their money however they did not show their assets since they did not have to declare whether they had cash that they got from the sale of a property or they actually possess the property.
Meanwhile, this time around rumor has it that investors will now have to show receipts of cash received or actual property documents before they can avail the benefits of this new scheme.
Regardless of the developments within the scheme, a prominent businessman told Profit, “This amnesty scheme is nothing but a divergent from the larger issues at hand including the IMF bailout programme. The government needs to take concrete steps for the betterment of the economy. Businessmen with illlegal assests had already chosen which assets they wanted to declare and which assets they wanted to hide. And this amnesty scheme will not change anything and the government will not be able to reach its target.”