Pakistanis legalize Rs1 trillion foreign assets in amnesty scheme: report

[Yaseen1]

Govt officers not allow to take such schemes this time.

1 trillian of assets and not funds direct to govt.

2% or 4% apply to 1 trillion of assets.

Such schemes always create risks that those in govt who bought high value assets during their tenure currently in the name of third party or relatives/front man indirectly legalise such black income through amnesty as no one will ask them about source of income

 

[AZ1]

Such schemes always create risks that those in govt who bought high value assets during their tenure currently in the name of third party or relatives/front man indirectly legalise such black income through amnesty as no one will ask them about source of income

1 trillion assets are registered with 2% to 4% tax and you are complaining then there is no solution to your problem.

 

[xyxmt]

In this assets declaration scheme there is one very big problem. Why are gold assets being left out? There are many house wife in Pakistan who have gold they are not part of taxnet as well and that gold will remain undeclared for ever. If you take into account the marriages in Pakistan even the poorest of the families give their daughter gold so how will that come into account and after 30th June it will be a problem for many people.

Gold holdings as such is not a problem, Issue is how that gold was collected and if the amount of gold is beyond your means. After paying my taxes I can buy as much Gold as my hearts desires and govt has no say in that.

 

[BHarwana]

Gold holdings as such is not a problem, Issue is how that gold was collected and if the amount of gold is beyond your means. After paying my taxes I can buy as much Gold as my hearts desires and govt has no say in that.

You missed a lot on my question. Here let me explain again. Suppose a grand mother in her 70 has gold and the grand father who gave her that gold died 40 years ago and that grand mother is still holding on to that gold and has not passed on to her children what will she do? Gold cannot be declared and only way to declare that gold is to sell it and deposit money in bank to declare it. Now that grand mother don't wants to sell her wedding ring that her late husband gave her so what will happen to that undeclared ring?

 

[Yaseen1]

1 trillion assets are registered with 2% to 4% tax and you are complaining then there is no solution to your problem.

The problem is not 2% tax but risk of looted wealth being legalised in the hand of corrupts through such schemes

 

[BHarwana]

I saw the whole interview of shabar zadi and Hamad Azhar and it is a good scheme by them. But when it came to gold they said to sell that gold to a jeweler and deposit money in bank to declare it. The reason he gave was that they cannot document gold and people will declare extra gold and use it in future earnings. Okay I agree with them that this is a problem but this is not the problem for people instead this is a problem at govt's end and they should find a solution for it instead of throwing people in a limbo. Why do we have a tax problem in the first place? The FBR is as much responsible for tax problem as business because FBR left loop holes in the first place and people exploited them. Now FBR is getting pay from taxes and still when a difficult task of documentation comes that issue is thrown on tax payer instead of making FBR do its job properly. This is the very mindset that created the tax problem in the first place. When ever job gets difficult the blame is thrown on the people's end.

@xyxmt they have to sort out this issue because there is gold in every house in Pakistan. Even the most poorest of all families are collecting gold in small parts for their daughters marriage and you know how much Jewelers payback when you go to resell it. Sorry no one will declare gold or convert it into money if this is not made correct. What is govt trying to do? Make Jewelers rich over night?
This is wrong, it is FBRs duty to document everything no matter how much difficult. Instead of throwing the burden on people who paying taxes. Throw the burden on FBR who is taking pay from taxes and make them documents everything. Why cannot they document? Because govt know there will be low level corruption and there will be loop holes so first eliminate low level corruption and make anti-corruption department stronger. Then move ahead.

 

[xyxmt]

You missed a lot on my question. Here let me explain again. Suppose a grand mother in her 70 has gold and the grand father who gave her that gold died 40 years ago and that grand mother is still holding on to that gold and has not passed on to her children what will she do? Gold cannot be declared and only way to declare that gold is to sell it and deposit money in bank to declare it. Now that grand mother don't wants to sell her wedding ring that her late husband gave her so what will happen to that undeclared ring?

This is not the issue, this is not the ill gotten wealth. The grand mother you mentioned, her husband bought that ring for Rs. 75. I think the problem is the corrupts who have collection billions in Gold and if those people will declare that Gold and how to tax it.

 

[BHarwana]

This is not the issue, this is not the ill gotten wealth. The grand mother you mentioned, her husband bought that ring for Rs. 75. I think the problem is the corrupts who have collection billions in Gold and if those people will declare that Gold and how to tax it.

Give them a receipt of amount of tax to pay. Of they don't then simple take the gold.
Now there are 4 days to June 30th and still banks are not taking more than $10000. Shabar zadi said he will fix the issue on Monday in interview but today is Wednesday and issue still remains.
Look govt has to fix all these issues and extend the time line. This is no more amnesty but now an asset declaration and there will be more issues. Instead of throwing the burden on people just keep fixing issues and keep extending the time frame of this scheme. It will take hardly 2 month to figure out everything and this will bring many people in the taxnet. Govt needs to keep evolving this scheme to get maximum benifit from it and also facilitate the public.

@xyxmt it is not about the grand mother but there are many other similar problems which will pop up. The duty falls on FBR not public. Tax is not wapda meter where a meter reader writes down units and bill comes but FBR needs to work as well. One people pay taxes and then they also work to pay taxes, this is wrong make FBR do the work to bring people into tax net.

 

[Shane]

PM speaks fluent persian already

Not as fluent as our COAS who speaks both Persian and Arabic with unparalleled panache.

What do you do when you stand "Trumped" by your own logic (pun intended). You do as Trump would and Play both sides.

Meanwhile, Afghanistan's Iron ore mines and trade with India still drags on via Iran-India Chabahar Port due to special exemption of Uncle Sam.

 

[BHarwana]

Now gold Smith are allowed to declare their gold but public is not. This is wrong either do it for every one or do it for none.

@xyxmt now tax was mostly stolen on gold by gold smiths and they are allowed to declare and people who have been collecting small amounts for their daughters marriages are not allowed to declare. Now this is wrong.

Govt has allowed gold Smiths to declare gold now people who were stocking large amount of gold they will rent a shop declare them selves gold Smith and take amnesty but the poor will be left with no option but to sell their gold. So the gold issue needs to be sorted out in this whole thing. Either make a plan for gold declaration and announce gold declaration on a later date or don't allow anyone to declare gold but facilitating few rich is wrong. Everyone should be given equal opportunity and no one should be allowed to exploit this situation.

 

[ARMalik]

In this assets declaration scheme there is one very big problem. Why are gold assets being left out? There are many house wife in Pakistan who have gold they are not part of taxnet as well and that gold will remain undeclared for ever. If you take into account the marriages in Pakistan even the poorest of the families give their daughter gold so how will that come into account and after 30th June it will be a problem for many people.

Individual/personal Gold assets are left out even in Australia. You can't tax Gold which someone is wearing or owns as jewelry. Hence that is why government in Pak has not included it.

 

[Pakistansdefender]

You missed a lot on my question. Here let me explain again. Suppose a grand mother in her 70 has gold and the grand father who gave her that gold died 40 years ago and that grand mother is still holding on to that gold and has not passed on to her children what will she do? Gold cannot be declared and only way to declare that gold is to sell it and deposit money in bank to declare it. Now that grand mother don't wants to sell her wedding ring that her late husband gave her so what will happen to that undeclared ring?

What I have heard they are taxing the gold shops as there are thousands of gold shops and only few 100 pay tax as is the case with everything in Pakistan .
They have a lots of gold so it would come into the tax net .

 

[nahtanbob]

taxing assets instead of income is a sure way of continuing the tax avoidance culture

 

[El Sidd]

Can you show me 1 country that has managed this?! Just 1 country! Remember Pakistan isnt as advanced and we are short on money!

Pakistan need not be advanced nor take lead from any other country. Its just about providing justice to people who refused to indulge in corruption and now have to face the dilemma that it was all just a facade that eventually corrupts will be held accountable.

We are not buying them...They have already washed their money (wonder where previous govt was on this)...Now all we can do is register them and their overseas assets and ask tax them if they are in Pakistan and our citizens!

Government must first determine if the money stashed abroad if it was laundered, that the offenders be held accountable.

Making corrupt invest in Pakistan again i see.

Gold

Gold prices have hiked as people find ways to whiten the black money under this handsome bachao scheme

Not as fluent as our COAS who speaks both Persian and Arabic with unparalleled panache.

What do you do when you stand "Trumped" by your own logic (pun intended). You do as Trump would and Play both sides.

Meanwhile, Afghanistan's Iron ore mines and trade with India still drags on via Iran-India Chabahar Port due to special exemption of Uncle Sam.

If it helps, an Indian warship now sits at the mouth of Strait of Hormuz as Bipin's 2.5 proceed to its next eventual step.

 

[El Sidd]

Through which laws? We still cant prove NS's panama account list!

Most of the political parties are in cahoots with militant wings or groups which they use as leverage to harass people into voting.

Shirely you cant be that mistaken !!