KARACHI: President, Karachi Chamber of Commerce and Industry (KCCI), Muffasar Atta Malik has appreciated Federal Board of Revenue (FBR)'s recent move to extend the Tax Amnesty Scheme for a period of one month.

"This was widely being demanded by the business and Industrial community. We are grateful to the decision makers for paying heed to KCCI's request," he said in a statement on Wednesday.

KCCI President pointed out that as per figures appearing in numerous media reports, more than Rs100 billion were added to the national exchequer through the scheme till June 30.

This figure was expected to increase; keeping in view the massive interest being shown in both schemes.

He was fairly optimistic that the schemes will help government in bringing undocumented persons, assets and income into the documented sector.

The schemes have the potential to bring in macroeconomic and fiscal stability in the economy.

Muffasar Malik said these schemes offer a lucrative opportunity to legalize undeclared assets by paying a nominal tax amount which is particularly beneficial in case of Pakistan where volatile policies, changing regimes and political uncertainties have created many gaps.