ICCI wants extension in tax amnesty scheme

Argues Eid holidays make it difficult to avail scheme before June 30

Our Correspondent June 15, 2018

Malik lamented that amnesty scheme was announced by previous government during its last days and thereafter the matter was taken up by the Supreme Court (SC) for review PHOTO: EXPRESS

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) Acting President Muhammad Naveed Malik has urged the government to extend the tax amnesty scheme by at least a month so that a maximum chunk of the business community and general public could avail its benefit.

He stated this while addressing a delegation of businessmen that called on him led by Industrial Association Islamabad President and Skills Development Council Islamabad Chairman Mian Akram Farid. Ashfaq Hussain Chatha, Raja Safeer, Fahim Khan and Shiraz Siddiqui were also part of the delegation.

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Malik lamented that amnesty scheme was announced by previous government during its last days and thereafter the matter was taken up by the Supreme Court (SC) for review thus depriving businessmen from taking due benefit.

However, now it has been approved and no doubts and ambiguities remain. “The scheme is going to end on June 30, 2018,” he added. “Due to Eid, little time is left for the business community and other people to work out the asset details.” He urged the government to grant an extension till July 31, 2018 which would facilitate potential taxpayers. It will also assist in expanding the tax net of the country, he observed.

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Speaking at the occasion, Farid remarked that the outgoing government had taken a positive initiative by introducing a tax amnesty scheme as it would enable Pakistanis to legalise their undeclared assets by paying a nominal tax. “Overseas Pakistanis would also be able to bring their assets to the country upon payment of just 2% tax,” he remarked. “However, the scheme is ending on June 30, and the business community needs more time.” He stressed that the government give extension in the scheme so that maximum people could take advantage of it.

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Safeer used the examples of the US, Germany, Indonesia, India, Brazil and other countries for having incentivised their potential taxpayers to disclose local and foreign assets by introducing voluntary disclosure schemes with lower tax rates.

Published in The Express Tribune, June 15^th, 2018.

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