Amnesty Scheme 2018 last chance to legalise undeclared assets: Pasha

LAHORE: Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha said on Monday that Tax Amnesty Scheme 2018 is last chance to legalize undeclared assets for the business community.

He was speaking at the Lahore Chamber of Commerce & Industry. LCCI President Malik Tahir Javaid, Vice President Zeshan Khalil, Provincial Finance Minister Syed Zia Haider Rizvi, former LCCI president Mian Muhammad Ashraf, former Vice President Kashif Anwar and Executive Committee Members also spoke on the occasion.

Pasha urged the business community to avail Tax Amnesty Scheme 2018, as it is a last chance to legalize undeclared assets. He said that it would increase tax revenue, enhance foreign exchange reserves, reduce the current account deficit, improve balance of payments, bring foreign capital to Pakistan and enhance economic activities.

He said that issues of refunds are being resolved swiftly. He said that this year Sales Tax Refunds of Rs 102 billion have been paid against Rs 54 billion in last year. He said that the issue of Sales Tax Refunds will be abolished within two years.

About alternative Dispute Resolution Mechanism, Tariq Mahmood Pasha said that the list will be prepared by FBR while representatives will be chosen by the business community and all stakeholders will be bound to accept the decision of the committee.

He said that repeated audit were causing difficulties for the business community but now only one audit will be held in three years.

This move will help get rid of the misuse of discretionary powers by the tax machinery.

He said that Regulatory Duty has been reduced or abolished on various items in the recent budget. He said that import of locally produced items should be discouraged.

LCCI President Malik Tahir Javaid said that the LCCI welcomes Tax Amnesty Scheme 2018 which allows legalizing undeclared assets by paying income tax from 2% to 5%. The government should extend its deadline for at least one month.