FPCCI lauds govt’s efforts in broadening tax net

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KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) held an emergent meeting of its members at its head office in Karachi under the chairmanship of FPCCI Acting President Abdul Rauf Mukhtar.

The meeting discussed the Asset Declaration Scheme 2019, which has come into effect through a presidential ordinance.

The FPCCI acting chief hailed the amnesty scheme, terming it a step in the right direction as it would bring the tax evaders under the tax net, enhance the country’s revenue base, document the economy, curtail the size of the ever-increasing black economy and bring dead assets to the mainstream of the economy.

He urged the government to ensure complete secrecy and confidentiality of the declarants’ data so as to enhance the confidence of the taxpayers in the scheme – a pre-requisite for success for any scheme.

Highlighting salient features of the scheme, he informed that the rates of tax imposed on undisclosed assets, sales and expenditures would be four per cent on all assets; rate of tax would be 1.5pc on domestic immovable properties; rates of tax would be 6pc on foreign liquid assets not repatriated; rate of tax would be 4pc on unexplained expenditure and rate of tax would be 2pc on undisclosed sales.

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