Daily Times

On demand from the industrial and business community, Federal Board of Revenue (FBR) has extended the Amnesty Scheme period to July 31.

The national exchequer received over Rs 100 billion (bn) on account of providing tax amnesty till June 30, 2018.

Karachi Chamber of Commerce and Industry President, Muffasar Atta Malik, while appreciating FBR’s initiative to extend the Amnesty Scheme period, said that the decision was encouraging and a number of individuals would benefit from being listed on the tax net.

He said that, under the scheme, the government would able to raise revenue. He said that current received money under the scheme was expected to increase further due to the granted extension.

According to Muffasar Atta Malik, the scheme will help the government in bringing undocumented persons, assets and income into documented sector. He added that such schemes had the potential to bring in macroeconomic and fiscal stability in the economy.

Muffasar said that under the scheme, payers could legalize their undeclared assets on paying nominal tax amount. He added that since amnesty scheme generated tax revenue for national exchequer without adding any burden on existing tax payers, it would create a win-win situation for all stakeholders.

Muffasar explained that through the Amnesty scheme, loans from commercial banks will reduce to funding budget deficit which was also an indirect burden on genuine taxpayers.

He advised the caretaker government to formulate practical policies to increase the tax net and hold tax evaders accountable.

Muffasar said that FBR should gather the details of tax evaders. He lamented that no steps were being taken to hold tax evaders accountable.

“It is a good omen that the tax amnesty scheme has so far gathered Rs 100 bn,” commended Agha Saiddain, the senior executive of Pakistan Tanners Association (PTA).

“The scheme would hopefully be an opportunity for non tax payers to file their local and foreign assets without facing any consequences,” he added.

Agha said that thanks to the tax amnesty scheme, holders of undeclared local and foreign assets had an opportunity to declare assets. He added that nearly 70,000 people had been benefited so far from the scheme.

Agha Saiddain said that this figure sure to increase within the granted period.

Published in Daily Times, July 5^th 2018.