LAHORE: Chairman Federal Board of Revenue Tariq Mahmood Pasha has said Tax Amnesty Scheme 2018 is last chance to legalize undeclared assets therefore it must be availed by the business community.
He was speaking at the Lahore Chamber of Commerce & Industry. The LCCI President Malik Tahir Javaid, Vice President Zeshan Khalil, Provincial Finance Minister Syed Zia Haider Rizvi, former LCCI president Mian Muhammad Ashraf, former Vice President Kashif Anwar and executive committee members also spoke on the occasion.
Chairman FBR Pasha urged the business community to avail benefits of Tax Amnesty Scheme 2018 as it is a last chance to legalize undeclared assets. He said that it would increase tax revenue, enhance foreign exchange reserves, reduce the current account deficit, improve balance of payments, bring foreign capital to Pakistan and enhance economic activities.
Chairman FBR said that business community is the major part of economic system and it should be given respect and honor by the tax collection machinery. He said that issues of refunds are being resolved swiftly. He said that this year Sales Tax Refunds of Rs102 billion have been paid against Rs. 54 billion in last year. He said that the issue of sales tax refunds will be abolished within two years. Because of lack of resource, collective payment of Income Tax and Sales Tax Refunds is not possible but definitely there is a good improvement.
About alternative Dispute Resolution Mechanism, Tariq Mahmood Pasha said that the list will be prepared by FBR while representatives will be chosen by the business community and all stakeholders will be bound to accept the decision of the committee. He said that repeated audit were causing difficulties for the business community but now only one audit will be held in three years. This move will help get rid of the misuse of discretionary powers by the tax machinery. He said that Regulatory Duty has been reduced or abolished on various items in the recent budget. He said that import of those items should be discouraged that are being produced locally.
