LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the business community to take benefit of the tax amnesty scheme by the end of current month.
Calling it a golden opportunity, LCCI President Malik Tahir Javaid emphasised in a statement that the business community would be able to legalise their undeclared assets on 5% tax payment. Income tax has been reduced to make payment more sustainable.
Under this scheme, the Computerised National Identity Card (CNIC) number has been declared as the National Tax Number. “People will now be able to use their CNIC numbers to file tax returns,” he said.
Highlighting the recent facilitation measures taken for taxpayers, Javaid said people earning up to Rs1.2 million annually have been exempted from income tax payment. The previous exemption limit was Rs400,000.
People falling within the Rs1.2-Rs2.4 million income bracket will be liable to pay just 5% income tax.
“People having foreign currency can purchase government bonds which will yield 3% profit annually and people owning undeclared assets locally will be able to bring them under tax net on payment of 5% penalty,” he said.
Apart from these, people holding undocumented assets abroad will be able to declare them through the new scheme and can bring back foreign exchange by paying 2% penalty.
“Beneficiaries of the tax amnesty scheme will be given protection from investigations by the National Accountability Bureau (NAB), Federal Board of Revenue (FBR) and Federal Investigation Agency (FIA),” he said.
Javaid termed the scheme a giant leap towards promoting a documented economy.
Published in The Express Tribune, June 14th, 2018.