Tax amnesty scheme to prevent money laundering: President Mamnoon

President Mamnoon Hussain on Monday said the recent tax Amnesty Scheme would help prevent money laundering and would also bring back foreign assets in the best interest of the country.

Talking to media persons here during his visit to Directorate General of Immigration and Passports (DGIP), the President said similar amnesty schemes had been successful in Malaysia and Indonesia.

President Mamnoon rejected the impression that all the money stashed by Pakistani nationals in foreign countries was achieved through ill-gotten means. Instead, he said, most of the assets were the result of hard-earned money of Pakistanis and it was not correct to target them across-the-board.

President Mamnoon Hussain this month had given assent to the tax reforms package for undeclared foreign and domestic assets and reduction in income tax rates.

To a question on friction among state institutions, the President said each should work in its own ambit to avoid such situation, which could be detrimental for the country.

When asked if he would like to play a role in minimizing this strife, the President said he believed that all were mature enough to sort things out at their own in national interest.

He mentioned that the country was rightly heading towards prosperity in shape of implementation of China Pakistan Economic Corridor (CPEC) and said it required a joint effort by all for a smooth journey, according to APP.

On next general election, the President said he was confident that the polls would be held on time.

Earlier, the President visited the token counter for renewal of his passport and passed through all procedural formalities. He expressed satisfaction over the arrangements of passport issuance and renewal.