Business community urges extension in deadline for tax amnesty scheme

The business community have demanded of the government to extend the Tax Amnesty Scheme for one month to ensure that maximum numbers of people specially those belonging to business community benefit from the scheme.

In this regard a trade delegation headed by president "Markazi Anjuman Tajiran", Ajmal Baloch met with Commissioner Income Tax, Abdul Hameed here to present its demand for extension of the deadline.

In April, 2018, the government had announced the tax amnesty scheme to provide the individuals opportunities to to register their undeclared foreign as well as local assets through paying two to five percent penalty, and last date of the scheme is June 30, 2018.

During the meeting the tax officials briefed the traders in detail about the scheme and answered questions of the delegation members.

On the occasion Ajmal Baloch said that the government had also introduced an amnesty scheme for non-filers which could not receive encouraging outcomes due to lack of publicity.

Appreciating the current amnesty scheme, he said under the scheme the government had offered a big relief to specially the small farmers for whom the tax relief has been increased from Rs 0.4 million to Rs 1.2 million.

He urged the Chairman FBR, Tariq Pasha to publicize the scheme in simple words so that everyone could understand it.

He also called upon the business community to take maximum benefits from the scheme.

Meanwhile Islamabad Chamber of Commerce and Industry (ICCI) also called for at least one month’s extension in tax amnesty scheme till July 31, 2018 that would facilitate potential taxpayers to take benefit of this scheme. It will also help in expanding the tax net of the country, he observed.

In a statement, ICCI Acting President Muhammad Naveed Malik said the outgoing government had announced an amnesty scheme during last days of its term, but the matter was taken up for judicial review due to which businessmen could not take benefit of it as they were waiting for the decision of the court.

 However, now the court has approved the amnesty scheme and removed all doubts and ambiguities about it. He said the scheme was going to end on June 30 while due to Eid holidays, insufficient time was available for the business community and other people to work out the detail of assets for availing this scheme.

APP