The Federal Board of Revenue (FBR) is examining a proposed scheme to legalize undisclosed assets on nominal payment of 3 percent or more by traders. Sources told Business Recorder on Monday that the scheme is under consideration; however the percentage for the legalisation of the undisclosed assets has not been finalised. The FBR will also issue a new simplified return form and wealth statement for non-filers, who would be ready to avail the proposed tax incentive package or amnesty scheme.
Meanwhile, Chairman All Pakistan Traders Action Committee, Sharjeel Mir along with a delegation called on Chairman Federal Board of Revenue Tariq Bajwa and FBR Members here on Monday at the FBR House. On the conclusion, industry sources said that the parameters are being finalised for fixed payment of taxes on first time registration and filing of returns by traders in each sector. The fixed amount of tax on first time filing of return would vary from one sector to another, depending on their actual turnover.
However, the tax authorities have not given any assurance to All Pakistan Traders Action Committee about exemption from audit on payment of 25 percent tax on annual basis. It has been conveyed to the traders that so far no policy of audit exemption has been finalised by the FBR on increased payment of 25 percent tax every year. The FBR has assured the business community that the return filers would be facilitated through an incentive package yet to be finalised for the traders' community, they added.