KARACHI: The Federal Board of Revenue’s (FBR’s) Chairman, Tariq Mahmood Pasha on Thursday said the tax amnesty scheme is for the business community which should take complete advantage of it as keeping undeclared assets inside Pakistan and abroad is now becoming increasingly difficult.
The business community has not committed any crime by sending money abroad or buying assets as the law and order situation, shortcomings in the system, and weaknesses of FBR are some of the reasons which have led to it, he said.
Addressing the business community at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), he said that money finds its way to the place where it is secure. FPCCI President Ghazanfar Bilour, UBG Chairman Iftikhar Ali Malik and others were also present on the occasion.
He said that the response of the scheme is very encouraging but the figures cannot be revealed at this stage adding that the country will have access to the accounts of Pakistanis in 102 countries in three months which will make it difficult and very costly for the people to keep undeclared assets.
The FBR chairman said that the scheme will improve revenue, stabilise foreign exchange reserves, reduce the deficit, improve the balance of payments, and encourage foreign direct investment. He said that another such scheme is not possible anytime soon while extension in the date is very difficult.
He said that Dubai has started informing Pakistani authorities about the investment of Pakistani there while the mapping of real estate in Pakistan will be completed shortly. He said we have planned to reduce withholding tax on filers and increase it on non-filers as soon as the revenue situation warrants it.
At the occasion, Ghazanfar Bilour said that many members of the business community could not benefit from the scheme due to the holy month of Ramadan, Eid, confusion and elections, therefore, its last date should be extended.
He said that success of this scheme is very necessary to bail out the country from some of the critical problems. He also lauded FBR to accept many budget proposals and hoped that the rest will be accepted before the next budget.
