FBR requests SBP to make special arrangements for collecting taxes on June 29, 30

ISLAMABAD: The tax amnesty scheme announced by the government to give opportunity to individuals to register their undeclared foreign as well as local assets through paying two to five percent penalty is receiving encouraging results.

According to an official in Federal Board of Revenue (FBR), the number of beneficiaries is increasing every day and a huge bulk of revenue collection is expected during next few days until the deadline of June 30.

The FBR in this regard has also written a letter to the State Bank of Pakistan requesting to make special arrangements by extending the bank hours of SBP and National Bank of Pakistan for collection of duties and taxes during last two or three days of the month of June due to heavy load of tax payments.

The tax amnesty scheme is part of the Tax Reforms Package announced by then Prime Minister Shahid Khaqan Abbasi on April 6 this year. Later a Presidential Ordinance was issued which became an Act after the National Assembly passed it on June 5.

The official said that under the scheme, the people could benefit by declaring their domestic and foreign assets as they would have to pay only a nominal tax under the scheme.

He said this was the last chance for people to take benefit from the scheme as last date of the scheme was June 30 and no extension in the scheme would be made.

He said government as well as public representatives were not eligible to take benefit from the scheme while people involved in different crimes were also not allowed to benefit from it.

He said the FBR was also taking special measures to simplify the taxation system to facilitate the taxpayers.

In this regard, he said the FBR would also introduce single page tax return for the salaried class.

He said the FBR team headed by the Chairman was also traveling to various cities to meet Chambers and Tax Bars for promoting the tax amnesty scheme.

The Government has announced two tax amnesty schemes, namely Voluntary Declaration of Domestic Assets Act, 2018 for undisclosed income and domestic assets and Foreign Assets (Declaration and Repatriation) Act, 2018 for undisclosed foreign assets.

FBR has also undertaken a widespread advertisement campaign on print and electronic media and sent emails to taxpayers.

FBR has also set up helplines which operate round the clock with dedicated telephone lines and emails for quickly responding to queries of declarants and intermediaries.

Frequently Asked Questions (FAQs) and online user guide have also been published on FBR’s website which are continuously updated in view of the feedback and queries of stakeholders.