Nawaz Sharif: Promoting Tax Evaders, Punishing the Honest Ones!

[Jazzbot]

that is their only defence...

They have no shame, they know all these things already and yet they hear more such news about their corrupt leaders almost every week, still they prefer to act blind and keep following ganjas. This slave mentality is killing our nation already, and God knows for how long it will continue to do so. They are just mentally dead people.

 

[IceCold]

@Panther 57
I dont disagree with what you said but than again who is going to implement them.The biggest tax evaders and money launders cannot make sure that a just system for tax is implemented that covers the whole population and not just one class. Problem here is that in this budget tax was increased on salaried class while the elites remain off the hook and so does your average Bun Kabab who may look modest from the out side but from inside and i can tell this from a personal level that the income they generate can even put a CEO's salary to shame.

 

[xyxmt]

Money whitening: Nawaz unveils amnesty plan for industrialists ​

“Investment of a minimum Rs10 million in new industrial projects and expansion (of existing businesses) will be immune from any probe and scrutiny,” says PM Nawaz Sharif. PHOTO: PID ​

ISLAMABAD: Prime Minister Nawaz Sharif offered industrialists a rare chance to whiten their black money on Thursday, saying his government would not ask their source of income on a minimum of Rs10 million investment.

Pakistan Muslim League-Nawaz (PML-N) had vehemently opposed a similar amnesty scheme when the previous Pakistan Peoples Party (PPP) government offered it.

Living up to its reputation of being a business-friendly government, Nawaz unveiled a comprehensive lucrative package in the PM Office to appease the country’s business tycoons. It includes waiver of penalties, special privileges and protection from taxmen’s access to bank accounts of taxpayers.

“Investment of a minimum Rs10 million in new industrial projects and expansion (of existing businesses) will be immune from any probe and scrutiny,” said the premier, addressing a gathering of the country’s top businessmen.

However, the government has linked the exemption from scrutiny with job creation. The exemption facility will not be available to investment in sectors like arms and ammunition, fertilisers, sugar, cigarettes, cement, among others.

Anything that brings investment in productive sectors of economy should be welcomed and the PPP would not oppose the scheme only because it has been announced by the PML-N, said Naveed Qamar, the PPP’s senior leader. He said when his party tried to introduce the investment amnesty scheme, the PML-N chose to play politics. “The PPP will not play to the gallery and will support the scheme unless it finds something seriously wrong with it”, he said.

It was the third amnesty scheme that the PML-N offered to its traditional voters since the party first came into power. In 1991, the PML-N had offered amnesty on amounts received on encashment of US dollars Bearer Certificates. In 1998, the party had exempted Special US dollars Bearer Certificates from levies.

PM Nawaz said the package was the beginning of investment promotion and growth. He explained that immunity from scrutiny of source of income would not be available to proceeds of crimes, drugs and terrorism.

However, Dr Ikramul Haq, an expert in narco-terrorism and the global heroin economy, disagreed with this explanation. The caveat that exemption from asking questions will not be given on proceeds from laundering, terrorism and narcotics becomes meaningless when the basic principle of the amnesty scheme is that no question will be asked about the source of income, he maintained.

The European Union, IMF and Financial Action Task Force (FATF) will now raise serious questions about the country’s efforts to curb laundering and terrorism financing, said Dr Haq. “Before announcing, the government should have debated the amnesty scheme in parliament.”

The difference between the PPP’s and the new scheme is that this government has offered amnesty only on investments made in the productive sector of the economy, said Federal Board of Revenue chairman Tariq Bajwa, while talking to The Express Tribune.

Tax experts are skeptical about the government’s efforts of broadening of extremely narrow tax base and enhancing revenues, as the ruling party has so far failed to stand up against unending demands of industrialists and traders.

Source: Money whitening: Nawaz unveils amnesty plan for industrialists – The Express Tribune


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So, a golden chance for all money launderers to convert their black money into white and enjoy the ludicrous amnesty and no questions will be asked what so ever.. Making of Roshan Pakistan?


@hasnain0099 @cb4 @Fracker @Leader @pkuser2k12 @chauvunist @Armstrong @nuclearpak @Aamna14 @Spring Onion

well you have two choices, you either give them opportunity to invest or that money will leave this country in the form of US dollars.

 

[tarrar]

Its what patwari calls "Mandate", "I have won by heavy mandate & the people gave me this mandate".

Now the only thing people need to do over here is lick DEMOCRAZY.

All what he is doing in Pakistan is ordered & scripted to him by IMF & US.

 

[Panther 57]

@Panther 57
I dont disagree with what you said but than again who is going to implement them.The biggest tax evaders and money launders cannot make sure that a just system for tax is implemented that covers the whole population and not just one class. Problem here is that in this budget tax was increased on salaried class while the elites remain off the hook and so does your average Bun Kabab who may look modest from the out side but from inside and i can tell this from a personal level that the income they generate can even put a CEO's salary to shame.

I totally agree with your point on difference between modest looking outfits and top echelon of corporate.

Not only they have increased taxes on salaried class but have given relief to corporate, which distributes its profit among those who can afford to invest and reap the dividends sitting in their airconditioned drawing rooms. This budget has been made for money launders and rich. Same trend is available in his latest move on investment. One can invest anything betwen 10 million to 50 billion, with no questions asked as to the source.

To bring about this change we, the taxed community has to rise. Common man who has been subjected to 20% taxes have to join hands and kick all these politicians out. We have to say no to candidates of political parties in next election and bring competent people around us. It may need a mobilisation, under the supervision of a leader and not manager.

 

[IceCold]

To bring about this change we, the taxed community has to rise. Common man who has been subjected to 20% taxes have to join hands and kick all these politicians out. We have to say no to candidates of political parties in next election and bring competent people around us. It may need a mobilisation, under the supervision of a leader and not manager.

We tried that in the last election but got us no where. The whole system is corrupt. The massive rigging that took place, how can one even think of a change in this kind of system? I have started wondering if perhaps its time to move on from Pakistan as this is not a place for people who want a change. People like us are in minority, majority is happy with the status quo. Its the white collar who has become non existent. People are being planted on us and every body is hand in hand with them including our beloved armed forces. Remember Kyani going to Raiwand even before Nawaz became the PM.

 

[Panther 57]

We tried that in the last election but got us no where. The whole system is corrupt. The massive rigging that took place, how can one even think of a change in this kind of system? I have started wondering if perhaps its time to move on from Pakistan as this is not a place for people who want a change. People like us are in minority, majority is happy with the status quo. Its the white collar who has become non existent. People are being planted on us and every body is hand in hand with them including our beloved armed forces. Remember Kyani going to Raiwand even before Nawaz became the PM.

short msg due to mobile device.
Join TuQ when he comes out next time and I feel time is not far.
say no to bribe even if u have to spend more legally
abide by rule on self discipline basis. I am sure it will bring change.

 

[SBD-3]

 

[Panther 57]

A wonderful way to colour black money as white. In long term it will not benefit anyone as the profits earned from this black money will be laundered abroad. An approach purely designed to support the objectives of tax evaders and his cronies.

 

[SBD-3]

A wonderful way to colour black money as white. In long term it will not benefit anyone as the profits earned from this black money will be laundered abroad. An approach purely designed to support the objectives of tax evaders and his cronies.

The illegal money is being channelized in non productive markets at the moment(e.g. real estate and bond markets). So black money is already at work in our economy, not sitting idle. However, this black money is not contributing anything to economic growth but rather producing inflation by inflating the prices of housing and allied markets. Once this money is invested in productive sector (linked with investment), it not only adds to macroeconomy but also become illliquid vis-a-vis real estate investment which can be liquidated more quickly and relocated to other venues or shifted abroad.

 

[Panther 57]

The illegal money is being channelized in non productive markets at the moment(e.g. real estate and bond markets). So black money is already at work in our economy, not sitting idle. However, this black money is not contributing anything to economic growth but rather producing inflation by inflating the prices of housing and allied markets. Once this money is invested in productive sector (linked with investment), it not only adds to macroeconomy but also become illliquid vis-a-vis real estate investment which can be liquidated more quickly and relocated to other venues or shifted abroad.

Irrespective of the logic. This is a wrong precedence in making.

 

[SBD-3]

Irrespective of the logic. This is a wrong precedence in making.

This is not the first one, the origins of tax amnesty in Pakistan can be traced as early as 1958 when Ayub khan introduced the first TAS.

 

[Panther 57]

This is not the first one, the origins of tax amnesty in Pakistan can be traced as early as 1958 when Ayub khan introduced the first TAS.

This does not mean that tax evaders should be extended this facility again. Why not extend this facility to salaried persons also; introduce a method whereby they can also evade tax, then offer them tax amnesty? They are also citizens of same country and are paying tax since the day they started their professional carrier.

 

[SBD-3]

Why not extend this facility to salaried persons also; introduce a method whereby they can also evade tax, then offer them tax amnesty?

Can you elaborate on this one? Btw most of the private manufacturing payrolls evade taxes by understating the compensation and paying rest in hard cash.

 

[haviZsultan]

Our inability to deal with corruption and terrorism is a major problem. Corruption ruins a society. For example there are 25000 ghost schools in Pakistan, schools that only appear on paper, not in reality. 8000 of these are in Sindh, which speaks volumes about the state of national infrastructure today. It also exposes Sindh as the heartland of corruption.

We need to eliminate corruption if we are to progress.