SECP concerned over ‘amnesty’ for bringing $100,000 to Pakistan
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The Securities and Exchange Commission of Pakistan (SECP) has expressed concerns over amnesty to bringing $100,000 to Pakistan, reported 24NewsHD TV channel on Wednesday.
“Not asking for sources of income for bringing $100,000 to Pakistan will be considered amnesty,” the SECP commissioner briefed the finance committee.
“This scheme can increase tax evasion. The International Monetary Fund (IMF) also expressed concerns over non-tax income,” he added.
“Rs869 billion revenue from the petroleum development levy next year is difficult,” the finance ministry officials said.
“This year, the consumption of petroleum products has decreased by 30 percent. Rs550 billion could be collected in the name of petroleum levy,” they added.
The members of the Senate Standing Committee on Finance recommended giving the Parliament the power to increase the petroleum levy.
Reporter: Waqas Azeem