Press Release

Sheikh Khalid Tawab urged to announce a one-time amnesty scheme for FOREIGN ASSETS/CASH.

(Karachi P.R. 27th June, 2016) Acting President of Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Sheikh Khalid Tawab has urged the Federal Finance Minister Senator Muhammad Ishaq Dar to announce a one-time amnesty scheme for declaring foreign assets and cash held by Pakistanis in Abroad against payment of 3% Tax. This will incentivize them to bring their Assets/Cash back to their homeland through Banking Channel and play their due role in the main stream of economic activities of the country.

The Acting President of FPCCI reasoned that these Pakistanis were forced to invest in Foreign Countries mainly due to a variety of reasons such as poor law and order situation; Target killing, and bodies in bags, war against terrorism; political instability, uncertainty in economic policies etc., as were being prevailed in past years in the country. However, he added that by the grace of Almighty Allah and operationZarb - e - Azb by Armed Forces of Pakistan and Rangers, the situationhas now been considerably improved in the country particularly in Karachi & Khyber Pukhtunkhwa. Now investment atmosphere is much better and local & foreign companies are keen to invest in Pakistan. This investment/amnesty scheme will give boost to the economy for creation of jobs and eradication of poverty. This scheme can attract foreign remittance of Billions of Rupees, as well as taxes in huge amount, as Pakistanis now want to declare their foreign Assets/Cash & like to become part of National economy.

Sheikh Khalid Tawab proposed that the package would help get rid of IMF and other donor agencies’ loan.