The Lahore Chamber of Commerce and Industry (LCCI) has urged the business community to avail tax amnesty scheme 2018 by the end of June. The LCCI President Malik Tahir Javaid said that it is a golden opportunity for the business community to give legal status to their undeclared assets by paying 5 percent tax only.
Income tax has been reduced to make tax payment more sustainable. He said that under this scheme, computerized national identity card (CNIC) number has been given the status of National Tax Number. He said that people having foreign exchange can purchase bonds from the government on which 3 percent annual profit will also be given. He said that people with undeclared assets within the country will be able to bring them in the tax net by simply paying a five per cent penalty.
He said that people who hold undocumented assets outside the country will also be able to declare them through the new amnesty scheme. Foreign exchange could be brought back to the country by paying a 2-percent penalty. He said that beneficiary of tax amnesty scheme will be given protection from NAB, FBR and FIA.
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