The government has estimated a Rs 100 billion collection from the voluntary tax compliance scheme, highly placed sources in Federal Board of Revenue told Business Recorder here on Saturday.
This is only a rough estimate, sources stated, as it is not possible to given an exact revenue estimate. Initially an estimated 5 million traders were expected to register with FBR under the scheme however the number was halved and further reduced to one million. The revenue could be around Rs 50 billion from the scheme in case the response is not satisfactory, officials further noted.
All opposition parties in the National Assembly and Senate are debating formulating a joint strategy to give the government a tough time over the passage of the Income Tax (amendment) Bill, 2016 in the National Assembly on Friday. Later Speaker of the National Assembly referred it to the relevant Standing Committee of the House for further deliberation.
PPP MNA and one of the members of the National Assembly Standing Committee on Finance, Revenue and Economic Affairs Naveed Qamar told Business Recorder that representatives of all opposition parties are meeting in chambers of the Leader of the Opposition in the Lower House on Monday afternoon to develop a joint strategy on the bill.
"If this is enacted into a law by the Parliament, then this would continue for next two years. Therefore, all opposition parties are planning to devise a joint strategy on it," he said.
Qamar, however, admitted that the ruling party has got a simple majority in the National Assembly and can get the bill passed easily by bulldozing the opposition.
Naveed Qamar, however, stated that the opposition would do its best to point out flaws in the scheme and try to introduce some cogent amendments.
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