Amnesty scheme termed license for big business to commit illegal acts

Secretary General (Federal) of Businessmen Panel (BMP) Ahmad Jawad has said that schemes like Amnesty have proved to be a license for big business to commit illegal acts and then get the opportunity of legalizing their ill-gotten wealth. "No amnesty scheme has been fruitful in the past, therefore we should not expect different results this time," he apprehended.
Talking to Business Recorder Ahmad Jawad said "elections are scheduled to be held in July or August this year. The country has been weathering political instability and economic stress for the past year. Pakistan's current account deficit has risen by 50 percent and foreign exchange reserves are deteriorating at the fastest pace." In order to overcome, the government had adopted a shortcut measure to save economic situation before caretaker setup, he added.
However, Jawad said "there seems to be something fishy the way this amnesty scheme has been designed, specially its rate - is next to free for cash repatriation." "This scheme apparently reflective of the government's efforts to address the external account woes, but here a question arise why did the government announce this amnesty scheme through an executive order less than 60 days before the formation of the caretaker government," he said.
He though appreciated the decision of the government that CNIC numbers would be made national tax numbers (NTN) to monitor tax compliance of all citizens including announcement of maximum rate of income tax is being reduced from the existing 30 percent to 15 percent from the start of next fiscal year is a welcome step as well as complete exemption of income tax on the annual income up to Rs 1.2 million.