FBR pitches tax amnesty scheme to businessmen
Says extending deadline would be difficult; ICCI urges extension
global tax laws were being changed and soon it would become difficult for Pakistanis to hide their assets overseas PHOTO: EXPRESS
ISLAMABAD:
Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha urged the business community to avail advantage of tax amnesty scheme, terming it the last chance to legalise undeclared assets.
During his visit to the Islamabad Chamber of Commerce and Industry (ICCI), he said the amnesty scheme was focused on the business community, and public office holders and their dependents were excluded from it. “Therefore, they (businessmen) should derive maximum benefit from it,” he said.
He remarked that global tax laws were being changed and soon it would become difficult for Pakistanis to hide their assets overseas. He said the amnesty scheme was passed by parliament and therefore, it was difficult to extend its deadline.
Govt considering taxing ‘gifts’ among non-family members
Highlighting the benefits of amnesty scheme, Pasha said that it would increase tax revenue, enhance foreign exchange reserves, reduce the current account deficit, improve balance of payments, bring foreign capital to Pakistan and enhance economic activities. “Due to inefficiency of FBR, untaxed money went out of Pakistan. However, the new global tax laws would squeeze space for tax evaders,” he said adding that Pakistanis have a good opportunity at hand to declare untaxed assets by taking benefit of amnesty scheme.
He said that upon declaring hidden assets by June 30, 2018, taxpayers would also be facilitated in filing tax returns for this financial year. He assured full cooperation from the FBR for the business community in taking benefit of amnesty scheme.
July-March FY18: Govt’s tax collection falls Rs129b short of target
Speaking at the occasion, ICCI President Sheikh Amir Waheed said the business community was considering the scheme as a positive development which would benefit both the beneficiaries and the government. However, he lamented that the amnesty scheme remained under review in the Supreme Court and when the court cleared it, Eid holidays approached. He stressed that there was a need to extend the amnesty scheme at least by one month. “Some political parties have shown reservations on the scheme and have announced that they would review it if they came to power after elections,” he said. “Such reservations should be removed for potential beneficiaries to avail its benefit without hesitation.”
Explaining Pakistan’s ‘greatest’ tax amnesty scheme
He stressed that those who have received show-cause notices from FBR or whose cases were pending before Commissioner Appeals should be allowed to avail the amnesty scheme. He emphasised that the ICCI president should be included the FBR board to safeguard the interests of the business community.
Published in The Express Tribune, June 21st, 2018.
Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha urged the business community to avail advantage of tax amnesty scheme, terming it the last chance to legalise undeclared assets.
During his visit to the Islamabad Chamber of Commerce and Industry (ICCI), he said the amnesty scheme was focused on the business community, and public office holders and their dependents were excluded from it. “Therefore, they (businessmen) should derive maximum benefit from it,” he said.
He remarked that global tax laws were being changed and soon it would become difficult for Pakistanis to hide their assets overseas. He said the amnesty scheme was passed by parliament and therefore, it was difficult to extend its deadline.
Govt considering taxing ‘gifts’ among non-family members
Highlighting the benefits of amnesty scheme, Pasha said that it would increase tax revenue, enhance foreign exchange reserves, reduce the current account deficit, improve balance of payments, bring foreign capital to Pakistan and enhance economic activities. “Due to inefficiency of FBR, untaxed money went out of Pakistan. However, the new global tax laws would squeeze space for tax evaders,” he said adding that Pakistanis have a good opportunity at hand to declare untaxed assets by taking benefit of amnesty scheme.
He said that upon declaring hidden assets by June 30, 2018, taxpayers would also be facilitated in filing tax returns for this financial year. He assured full cooperation from the FBR for the business community in taking benefit of amnesty scheme.
July-March FY18: Govt’s tax collection falls Rs129b short of target
Speaking at the occasion, ICCI President Sheikh Amir Waheed said the business community was considering the scheme as a positive development which would benefit both the beneficiaries and the government. However, he lamented that the amnesty scheme remained under review in the Supreme Court and when the court cleared it, Eid holidays approached. He stressed that there was a need to extend the amnesty scheme at least by one month. “Some political parties have shown reservations on the scheme and have announced that they would review it if they came to power after elections,” he said. “Such reservations should be removed for potential beneficiaries to avail its benefit without hesitation.”
Explaining Pakistan’s ‘greatest’ tax amnesty scheme
He stressed that those who have received show-cause notices from FBR or whose cases were pending before Commissioner Appeals should be allowed to avail the amnesty scheme. He emphasised that the ICCI president should be included the FBR board to safeguard the interests of the business community.
Published in The Express Tribune, June 21st, 2018.