Extension In Tax Amnesty Scheme Demanded By PIAFExtension In Tax Amnesty Scheme Demanded By PIAF

Extension In Tax Amnesty Scheme Demanded By PIAF

Extension In Tax Amnesty Scheme Demanded By PIAF: Pakistan Industrial and Traders Associations Front (PIAF) Chairman Irfan Iqbal Sheikh has appealed for an extension in the tax amnesty scheme 2018, and is seeking an awareness drive among the business community to avail this facility.

He said that the PIAF has been taking up the issue of a one-time tax amnesty scheme for the last several years, as this package can revamp the economic structure of the country.

In a statement, he said that Pakistan has suffered from capital flight because of various factors and this resulted in a huge stock of assets of Pakistani nationals abroad, while the country suffered. The extension in the scheme will help increase the tax net.

“It will encourage a large number of people to bring back their cash from abroad.”

He said that the PIAF appreciates the government’s measures to introduce a comprehensive scheme, which will not only bring a change in the life of individuals, but will also hopefully revamp the economic structure of the country and bring in the much-needed stability.

Sheikh urged the government to give constitutional guarantees and a comprehensive protection package to all the beneficiaries of this scheme.

Investment and foreign exchange bonds is also a positive step towards bringing idle foreign exchange deposited in banks to be utilised for productive sectors of the economy.

Ongoing tax amnesty scheme is getting momentum as more and more local and overseas Pakistanis are contacting the Federal Board of Revenue (FBR) to benefit out of the scheme by declaring their non-declared assets.

Extension In Tax Amnesty Scheme Demanded By PIAF
Extension In Tax Amnesty Scheme Demanded By PIAF

The FBR has obtained over Rs 50 billion as tax in result of declaration of undeclared assets by overseas and local Pakistanis. Tomorrow is the last date of the tax amnesty scheme, the Voluntary Declaration of Domestic Assets Act, 2018. At the launch of the tax amnesty scheme the government had high hopes of getting $ 3 to $ 4 billion revenue collection.

Over 50 thousand people had benefited out of this scheme and more were contacting especially a large number of overseas Pakistanis were interested in declaring their non-declared assets by depositing the announced rate of tax on the total value of their assets.

“Similarly, assets worth more than hundred and ten billion rupees have been disclosed and declared and declaration of assets of same tune are in the pipeline” the source said adding that an individual had deposited tax Rs 550 million.

People disclosed that they have cash, assets, agriculture land ranging from millions to billions as one person only disclosed Rs15 billion undeclared wealth to tax officials. The Pakistanis living in foreign countries disclosed their offshore and undeclared money just because the tax officials will receive information about offshore financial accounts in September 30, 2018.

The source said that Pakistan was a signatory to the Organization for Economic Co-operation and Development (OECD) Convention on Mutual Administrative Assistance in Tax Matters which has been signed by most of the countries around the globe.

The said information of bank accounts maintained by Pakistanis abroad would be shared by those jurisdictions automatically in the last day of September; he said that against this backdrop, amnesty on foreign assets was an opportunity for Pakistanis to declare undisclosed foreign assets at very low rates without incurring any penalties.

For More Information & Videos Subscribe To Our YouTube Channel

Read More News & Articles

Leave a Reply