ISLAMABAD: The top management from the Large Taxpayer Unit (LTU) Islamabad Wednesday briefed businessmen and potential taxpayers about the benefits and procedures of Tax Amnesty Scheme, urging them to take advantage of the scheme and register their undeclared assets and incomes.
The LTU had organised the seminar to brief them about the recently announced tax amnesty schemes including the Voluntary Declaration of Domestic Assets Act, 2018 and Foreign Assets (Declaration and Repatriation) Act 2018.
Among others, the seminar was attended by Chief Commissioner Mustafa Sajjad, commissioners of various zones, officials of the LTU and representatives of various business sectors.
Briefing the businessmen on the occasion, Commissioner Ahmed Shuja said this was the best opportunity to register undeclared assets. He termed the amnesty scheme most successful among all FBR amnesty schemes.
He said the scheme offered a golden opportunity to the people holding undeclared and undisclosed income and assets to declare them simply by paying a nominal 2 per cent tax on declaration and repatriation of foreign assets, 3 per cent on declaration of immovable foreign assets and 5 per cent on declaration and non-repatriation of assets under the Foreign Assets (Declaration & Repatriation) Act, 2018 and Voluntary Declaration of Domestic Assets Act 2018 duly approved by the Parliament.
The FBR commissioner apprised the participants that the automatic exchange of information under the Organization for Economic Cooperation and Development (OECD) convention would start by October this year, which would enable the country to have access to the information of those Pakistanis having assets abroad.
He said the Federal Board of Revenue (FBR) has obtained information regarding immovable properties owned by Pakistanis in the United Kingdom (UK) with the assistance OECD and UK tax authorities, which is being analysed.
He said there were little chances of extending the amnesty scheme, urging the businessmen to take advantage of this for whitening their money.
He informed the audience in details about what assets and incomes could be declared on what valuation and also guided them on how to register and file the taxes under the scheme.
He made it clear that the information of declarations made under the Tax Amnesty Scheme would remain strictly confidential.
