FAISALABAD: The amnesty scheme had become imperative to stabilize national economy and business community must avail it to harvest its benefits, said Sheikh Muhammad Tariq, Chief Commissioner Regional Tax Office (RTO) Faisalabad.
Addressing a seminar on Tax Amnesty Scheme at Faisalabad Chamber of Commerce & Industry (FCCI) here Monday, he said that the ultimate objective of the scheme is to reduce dependence on foreign loans by generating local resources through documentation of economy, expansion in tax net and visible reduction in tax rates etc.
He endorsed the demand of FCCI to expand the tax net but said that generally it is misunderstood and restricted to the addition of only new tax payers. “It is equally applicable to the existing tax payers who are not paying their due share of taxes,” he added.
Earlier, in his welcome address, Acting FCCI President Farooq Yusuf said that taxes are lifeline of development process but tax to GDP ratio is very poor in Pakistan. He commented on the new tax amnesty scheme and said that it is a positive step for the economy, business community and public.
Later, FCCI shields were presented to Chief Commissioner Regional Tax Office Chaudhary Muhammad Tariq.
