FBR to collect information regarding amnesty scheme

Some who benefitted from scheme failed to file tax returns.

ISLAMABAD: The Federal Board of Revenue (FBR) has asked for the tax returns of those individuals, institutions and taxpayers who benefitted from the FBR’s amnesty scheme in 2008.

The scheme, which attracted the declaration of Rs350 billion in assets, allowed the conversion of black money to white, according to an official of the FBR.

The tax authority had managed to get Rs7 billion in tax revenue in 2008 by imposing taxes on the declaration of such assets, said the official.

He further explained that the amnesty scheme further made it mandatory for those who benefitted from it to file their returns for the next three years. He added that after participating in the amnesty scheme, most of these individuals and institutions had not filed any further returns.

In order to investigate those who formalised their black assets under this scheme and failed to file further returns, the FBR has asked for the relevant data from its field formations, he explained.

After receiving their details, the FBR will take action against these non-filers and audit their possession, he said, adding that the tax authority will collect all applicable tax dues and fines.

Published in The Express Tribune, December 9^th, 2010.