Upcoming tax amnesty scheme last chance for regulating properties, assets

April 8, 2019: Finance Minister, Asad Umar has said that the upcoming tax amnesty scheme would be the last chance for tax-evaders to declare their properties and assets and avoid any legal action which would be initiated against defaulters after the scheme is closed.

The government is introducing Asset Declaration Scheme to give people a chance for final time, the minister said while launching a medium-term framework “A Roadmap for Stability, Growth and Productive Employment” here at BISP headquarters.

He said that in addition to receiving suggestions from different people, the government itself was also of the view that instead of putting tax-evaders behind the bars, they should be given a chance.

But, the minister said that the scheme would be successful only when people realize that the day this opportunity ends, they would not find any place to hide their assts, adding  the details of the schemed would be revealed within a couple of days.

He warned that it would now be hard for tax evaders to hide their properties and assets adding that the government sources of acquiring information from different countries related to unregistered assets have improved considerably.

In addition, there have been considerable improvements inside the country as laws have been enacted to go after tax evaders.

He said that the Benami Act, which was not implemented by previous government, had been notified while rules for Benami have also been prepared, notices being served and actions taken.

The minister was of the view that capacities and capabilities of Federal Board of Revenue (FBR) to go after tax invaders had improved considerably when compared to previous performances.

He advised all the people to take advantage of this scheme when announced, otherwise, they would have to face the law after its deadline ends.

The minister said that the government had been making structural reforms in tax collection system by promoting high growth environment to lead to extended tax collection and finally contributed to GDP growth.

He said that the government was introducing latest technology in FBR besides separating the tax administration and policy sides to improve performance of the board. In addition, it was simplifying the return filing system to facilitate taxpayers.

(APP)