Daily Times

LAHORE: Speakers urged that an extension in Tax Amnesty Scheme 2018, coupled with awareness campaign would help the highest number of business to avail the full benefit of this good initiative by the previous regime.

This scheme is beneficial for both the government and the business community as it would help promote documented economy besides giving business doing people an opportunity to legalise their undeclared assets.

Speakers were addressing with the participants of the seminar which was jointly arranged by Lahore Chamber of Commerce & Industry (LCCI) and Federal Board of Revenue in LCCI. On the occasion, LCCI President Malik Tahir Javed, LCCI Vice President Zeeshan Khalil, Commissioner Inland Revenue Ayesha Imran Butt and other experts addressed.

On the occasion, Ayesha Imran Butt said that all possible measures are being taken to make amnesty scheme a success. She briefed the participants about the Tax Amnesty Scheme 2018 and other relevant affairs. LCCI president said that Tax Amnesty Scheme 2018 would relieve pressure on the economy as it would generate additional revenue for the government while businessmen can declare their assets or income and they cannot be asked about their source.

He said that reasonable extension in Tax Amnesty Scheme 2018 would enhance the chances of its success as businessmen would get more time to understand.

“We have always demanded for broadening the tax net and lowering down the tax rate. We expect that this Tax Amnesty Scheme will go a long way in achieving the desired results. TAS-2018 would help broadening the tax net and would reduce the burden from the existing taxpayers. It is a matter of concern that just around 1.2 million income tax return filers in a country of more than 200 million people that’s why Tax-to-GDP ratio in Pakistan is poor,” LCCI president added.

Malik Tahir Javed said that the last Tax Amnesty Scheme was announced in 2015 and more or less seven hundred thousand individuals benefitted from it. The new scheme is better than the previous one because this time the government has lowered down the rate of tax so that maximum number of people could take full advantage of it. He said that now, such individuals who keep undeclared assets in the form of cash, prize bonds, cars and property etc. may avail this terrific facility. By paying tax from two per cent to five per cent maximum, all these undeclared assets can be legalised. He said that this scheme also covers the foreign bank accounts as well as such immoveable assets which have been kept abroad and never declared. This scheme also guarantees that the benefiters upto a certain limit would not be questioned about declaring the source of income.

LCCI VP Zeeshan Khalil said that this golden opportunity must be availed by the business community and they should give legal status to their undeclared assets by paying 2-5 percent tax only.

Published in Daily Times, June 21^st 2018.