ISLAMABAD: Chief Commissioner Large Taxpayer Unit FBR Ghulam Mustafa Hassan has said that present amnesty scheme is the most successful scheme in the history of Federal Board of Revenue.
He said no imposition of penalty and prosecution would be made under any law in future against amnesty scheme holders, therefore, it is golden opportunity and Pakistanis must take the advantages and benefits of the scheme.
He stated this during a seminar on amnesty scheme held at LTU building Islamabad. Commissioner Zone-I Zulfiqar Ahmed, Commissioner Zone-II Ahmed Shuja, Commissioner Zone-III Naseer Butt and Additional Commissioner Ali Adnan also participated in the seminar and answered the questions of the participants.
A large number of office-bearers of chamber of commerce and trade bodies along with taxpayers attended the seminar. Participants recommended that date of amnesty scheme should be extended up to last date of tax returns filing.
Large Taxpayers Unit team briefed the participants about tax amnesty 2018 and relating applicable laws. They also explained that who may avail the amnesty scheme, what can be declared, tax payment procedure and benefits to declarant.
Chief commissioner said the persons already registered they don’t need new registration and in new registration, there will be one-time registration for filling of tax amnesty declaration only.
He said holder of public office, their spouse and dependent children cannot avail this amnesty. In case of foreign assets individual and Pakistani citizens may avail the amnesty but association of persons and companies cannot avail this scheme.
In case of local assets along with individual and Pakistani citizen, association of persons and companies can also avail the amnesty. He said under this scheme Pakistanis can be declared undisclosed local income, local assets and all the foreign assets excepts the assets with respect to whom proceedings are pending in any court of law.
He briefed that under amnesty scheme, voluntary declaration of domestic assets Act,2018 and voluntary disclosure of domestic assets (Amendment ordinance, 2018), foreign assets (declaration and repatriation) Act, 2018 and foreign assets declaration and Repatriation (Amendment) Ordinance,2018, laws are applicable. Participants suggested that those Pakistanis declaring their assets under this scheme are not made by illegal or black money therefore it should be called undeclared assets.
