The administration announced the introduction of another amnesty programme for money laundering.

ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) administration has announced the establishment of another amnesty programme to facilitate money laundering.

There will be no need to pay a 5% tax on the establishment of new industries under the programme. The investor will be required to incorporate a new business in order to qualify for the amnesty programme. By June 2024, the new unit must begin commercial production.

The government enacted the third ordinance, establishing a tax amnesty programme. The new amnesty plan will be available until December 2022.

Those who benefit from the sale of sick industrial units will get a three-year tax exemption under the amnesty programme. Pakistanis investing overseas would be tax-free for the next five years under the rule.