AGL 40.22 Increased By ▲ 0.22 (0.55%)
AIRLINK 131.00 Increased By ▲ 1.47 (1.13%)
BOP 6.79 Increased By ▲ 0.11 (1.65%)
CNERGY 4.61 Decreased By ▼ -0.02 (-0.43%)
DCL 9.05 Increased By ▲ 0.11 (1.23%)
DFML 43.51 Increased By ▲ 1.82 (4.37%)
DGKC 84.05 Increased By ▲ 0.28 (0.33%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 78.95 Increased By ▲ 3.48 (4.61%)
FFL 11.73 Increased By ▲ 0.26 (2.27%)
HUBC 110.80 Increased By ▲ 0.25 (0.23%)
HUMNL 14.73 Increased By ▲ 0.17 (1.17%)
KEL 5.45 Increased By ▲ 0.06 (1.11%)
KOSM 8.35 Decreased By ▼ -0.05 (-0.6%)
MLCF 39.78 Decreased By ▼ -0.01 (-0.03%)
NBP 61.00 Increased By ▲ 0.71 (1.18%)
OGDC 200.25 Increased By ▲ 0.59 (0.3%)
PAEL 26.70 Increased By ▲ 0.05 (0.19%)
PIBTL 7.83 Increased By ▲ 0.17 (2.22%)
PPL 160.50 Increased By ▲ 2.58 (1.63%)
PRL 26.80 Increased By ▲ 0.07 (0.26%)
PTC 18.52 Increased By ▲ 0.06 (0.33%)
SEARL 82.40 Decreased By ▼ -0.04 (-0.05%)
TELE 8.28 Decreased By ▼ -0.03 (-0.36%)
TOMCL 34.45 Decreased By ▼ -0.06 (-0.17%)
TPLP 9.06 No Change ▼ 0.00 (0%)
TREET 17.05 Decreased By ▼ -0.42 (-2.4%)
TRG 60.90 Decreased By ▼ -0.42 (-0.68%)
UNITY 27.55 Increased By ▲ 0.12 (0.44%)
WTL 1.43 Increased By ▲ 0.05 (3.62%)
BR100 10,556 Increased By 149.1 (1.43%)
BR30 32,059 Increased By 345.6 (1.09%)
KSE100 98,384 Increased By 1055.6 (1.08%)
KSE30 30,611 Increased By 418.6 (1.39%)

Senate Standing Committee on Finance approved recently unveiled tax amnesty scheme with several amendments on Tuesday. A meeting of the committee presided over by Senator Farooq Naek discussed the Voluntary Declaration Domestic Assets Bill, 2018, the Foreign Assets (Declaration and Repatriation) Bill, 2018, and the amendments in Income Tax Ordinance, 2001 and the Protection of Economic Reforms Act 1992.
The amendment was made in rate of liquid assets not repatriated and it was increased to 10 percent by majority vote and rate applicable on immovable properties was also increased. Senator Saleem Mandviwalla showed reservations over amendments in the Protection of Economic Reforms Act (PERA) 1992 on the grounds that this law was never part of the money bill.
The amendment in the PERA 1992 prohibits depositing cash in foreign currency accounts by a non-filer. Senator Saleem Mandviwalla said that majority of the foreign currency account holders are non-filers and non-resident Pakistanis are allowed to open foreign currency accounts. He asked the rational of amendment in the PERA 1992. "If a non-resident Pakistani buys dollars from open market, deposits the cash in his foreign currency account and withdraws it abroad, is there any law to check such practice?" Musadik Malik asked the officials of State Bank and received the answer that there was no law to check it.

Copyright Business Recorder, 2018

Comments

Comments are closed.