State minister for finance Waseqa Ayesha Khan on Thursday hinted at the reintroduction of the scope for repatriating the smuggled-out money in the upcoming budget to be announced on June 6.
The state minister dropped the hint while talking to reporters about possible fiscal measures for FY25 at her secretariat office against the backdrop of high inflation and the dollar shortage that had crippled the economy.
It was heard that the scope for repatriating smuggled-out money would be given in the new budget, she said.
鈥楤ut I cannot say anything about the rate of tax,鈥� she said, adding that the National Board of Revenue would fix the rate for availing of the opportunity.
Despite criticisms, the immediate past finance minister, AHM Mustafa Kamal, announced the scope for repatriating smuggled-out money in FY23.
But no one took the opportunity to legalise cash or cash equivalents, bank deposits, bank notes, bank accounts, convertible securities, and financial instruments held abroad by paying a 7 per cent tax.
The country鈥檚 first-ever offshore tax amnesty was withdrawn in the outgoing FY24.
For the upcoming FY25, the NBR is likely to give tax amnesty to legalise undisclosed money held by errant taxpayers at the local level.
The state minister said that an analysis of the impacts of climate change would be made in the new national budget.
However, the top focus will be given to tackling inflation, she said.
The majority of people have been pressed hard by inflation, which has remained above 9 per cent since March 2023.
The state minister said that the social safety net programme would be expanded in the new national budget while the subsidised food supply programme would continue.
Answering a question about whether the government was heading towards loan-dependent development, the state minister said they were not doing so.
鈥極ur loan-to-GDP ratio is lower than in many countries,鈥� she said, claiming that the country had never defaulted on loan repayments.
