Lasbela Chamber of Commerce and Industry (LCCI) president Yakoob Karim has expressed hope that Tax Amnesty Scheme would help bring those assets back to Pakistan being held by Pakistanis abroad. Welcoming the Scheme announced recently by the prime minister, he said since other countries were putting in place tough policies for foreigners, the amnesty scheme would prove to be a great opportunity for overseas Pakistanis to transfer their assets to home country.
Yakoob said the amnesty scheme would bring investment in the market and economy may give a sigh of relief and also help expanding the tax net as collection of revenue had always been remained under pressure due to various reasons.
He hoped that it would attract more people and businessmen who remained hidden from the tax collectors, to get registered with the relevant tax collection authorities. He said foreign assets were useless for Pakistan but now these could be brought into the country with payment of only five percent tax that would ultimately ensure financial benefits to Pakistan.
These foreign remittances would be used for creation of new employment opportunities as well as expansion of local industry on modern lines.
He endorsed the FPCCI's point of view that efforts should be geared up for trade promotion, industrialization, balancing trade, increasing exports, he said and added that research centers and laboratories should be increased while there should be strong linkage between industry and academia. Research should be focused on industrial growth, and skill development should be focused while developing any education policy, he concluded.
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