‘Declarations not commensurate with total assets’

FBR chairperson says business community still has undeclared properties

LAHORE: Federal Board of Revenue (FBR) Chairperson Rukhsana Yasmin said that while the response to the tax amnesty scheme has been positive, it does not commensurate with the quantum of undeclared assets of the business community, especially of Lahore, Faisalabad, Multan, Gujranwala and Sialkot.

The chairperson visited the Corporate Regional Tax Office, Lahore and chaired a meeting of leading chartered accountants, Lahore Tax Bar president, Sheikhupura Tax Bar president, Pakistan Tax Bar general secretary as well as senior Officers of the Corporate Regional Tax Office, Regional Tax Office-II, Lahore and Large Tax Payers Unit, Lahore.

The meeting was focused on the tax amnesty and its different dimensions. A review of response from the business community of Pakistan in general and the Punjab province in particular was shared with the officers.



She said that FBR now has the Organisation for Economic Cooperation and Development (OECD) data and has complete information about the particulars of Pakistani nationals, who have undeclared properties in the United Kingdom (UK), United Arab Emirates (UAE) and other countries.



The revenue board also has in possession data of the quantum of rental income earned from them. She urged participants to play a proactive role in creating awareness about the benefits of the tax amnesty scheme in the business  community of these cites, enabling  them to declare their undeclared assets and get immunity.

Published in The Express Tribune, July 17^th, 2018.

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