FBR chief clarifies that no ambiguity in new Assets Declaration Scheme
LAHORE: Chairman of the Federal Board of Revenue (FBR) Syed Shabbar Zaidi said that they would welcome suggestion by business community and there should be no ambiguity in tax amnesty scheme introduced by the current government.
Addressing a business community in Karachi, he said Pakistan needs long term reforms. FBR chairman said the data of shops and markets would be collected and shared with Prime Minster Imran Khan.
Zaidi expressed that selling of smuggled goods is ethically wrong and businessmen must stop selling smuggled items in respect of Ramazan. He said FBR is working to prevent smuggling at ports. He said FBR would not raid anyone unnecessarily and business community must not fear now. Zaidi asserted that only fear increases by departmental audits, adding that no revenue was collected by FBR from departmental audits. He said PM Imran Khan wants to end the harassment of business community.
Earlier, Prime Minister Imran Khan some days ago chaired a meeting of the federal cabinet at the Prime Minister office and approved Tax Amnesty Scheme 2019. As per details, draft for Assets Declaration Ordinance 2019 was presented in the meeting for approval. However, final announcement regarding Tax Amnesty Scheme will be made soon.
According to documents available with Dunya News, the first stage of scheme would be completed in current fiscal year at the end of June. During this time, 5% tax on benami assets would be imposed on the individuals whereas they will pay 10% tax till September 30 to legalize their illegal assets.
The final stage of the scheme will end on December 31, 2019. Individuals can legalize their property by paying 1% tax till June 2019 while 2% tax would be imposed till September 30 and 4% till December 31 on citizens to clear their property. Moreover, 3% tax would be imposed on the citizens to declare their undeclared sales.— Staff Reporter