The Pakistan Tehreek-e-Insaf government announced on Tuesday its first tax amnesty scheme Asset Declaration Scheme after it was approved by the federal cabinet.
The announcement was made by Adviser to the Prime Minister on Finance Hafeez Shaikh.
The main objective purpose of the scheme is not to generate revenue but to document the economy and to bring dead assets into the economy, he said during a press briefing in Islamabad.
Everyone could be a part of the scheme except public office holders and their dependents, he added.
Last month, the decision was deferred as the cabinet failed to evolve consensus with some ministers saying it could pose political and constitutional challenges for the authorities.
A tax amnesty is a limited-time opportunity for taxpayers to declare their assets and pay a defined amount in exchange for forgiveness of a tax liability, without fear of criminal prosecution.