Business community not to be interrogated on increasing assets, concealing bank accounts after their declarations
ISLAMABAD: To address the concerns of filers and non-filers on taxing the banking transactions, the Federal Board of Revenue (FBR) is planning to introduce a scheme namely ‘Regularization of Accounts’, it is learnt.
The filers and non-filers could benefit from this time-barred scheme, while after the expiry of the scheme no one would be facilitated more in this regard, official sources clarified.
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Under this scheme, both filers and non-filers could regularize their hidden accounts and actual assets which were not mentioned ever in tax returns by them, after payment of meager amount, sources said, adding that the FBR will not interrogate the businessmen regarding their assets and undeclared bank accounts once their volunteer declarations.
After the imposition of withholding tax on banking transactions, the major threat for the business community was the exposing of their undeclared bank accounts and actual investment in business on which they will have to face the legal proceedings of the FBR as traders have expressed their grievances on it in meetings with the government committees.
Now, the FBR has decided to launch a scheme on the suggestions presented by traders and three official committees which were formed by government to settle the dust.
