Whiten Black Money: tax amnesty creates imbalance in the society: Mian Usman Zulfiqar.

LAHORE -- President of Pakistan Businesses Forum (PBF), Mian Usman Zulfiqar said tax amnesty creates imbalance in the society termed a short move for economy; as incumbent government has decided to promulgate an ordinance to offer a third tax amnesty scheme in its 3.5 years, this time to industrialists by offering them to whiten their black money at 5% rate by investing in the manufacturing sector.

He said today you laid down a wrong foundation and public will witness a consequences in future'. He said how any government asked to set up industry and in return they will not asked any question regarding money trail. I personally support industrialisation but there is some mechanism. 'You can give tax concession for some period but straightaway giving a liberty is not appropriate in civilised society'.

'The arms and ammunition, explosives, sugar, cigarettes, aerated beverages, flour mills, vegetable ghee and cooking oil industries could avail the new tax amnesty scheme'. At least three new sections would be inserted in the Income Tax Ordinance of 2001 to allow the people to avail the third tax amnesty scheme.

From this scheme only some business houses will get benefit out of it. On the other hand not a single policy for horticulture exports and agriculture in the last 3.5 years who can actually contribute in country's GDP. The contribution of agriculture sector is far ahead compare with services sector.

The government had decided to waive 24% tax rate and another 29% penalties by...