Business Community Calls For Another Tax Amnesty Scheme
Faizan Hashmi Published March 25, 2019 | 07:31 PM
President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Engr. Daroo Khan Achakzai has said that there is dire need of new tax amnesty scheme for the documentation of economy and enhancement of tax revenue
Karachi (UrduPoint / Pakistan Point News - 25th March, 2019) President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Engr. Daroo Khan Achakzai has said that there is dire need of new tax amnesty scheme for the documentation of economy and enhancement of tax revenue.He was speaking a meeting of stakeholders to discuss the proposals for New Tax Amnesty Scheme 2019 here, During the meeting the business community from Lahore and were linked up through video link.
The meeting was attended by S. M. Muneer, former President FPCCI, Senior Vice President SAARC-CCI Iftikhar Ali Malik, , Dr. Mirza Ikhtair Baig, Sr. Vice President FPCCI, and the representatives of different chambers and associations.The FPCCI Chief said , on the occasion that he had discussion with the Prime Minister Imran Khan who showed his desire to launch another amnesty scheme and advised President FPCCI to formulate recommendations in consultation with stakeholders with the aim to document the economy by declaring of foreign and domestic assets.In his remarks, Iftikhar Ali Malik emphasized to create awareness about converting the black money into white money, to increase the confidence of tax payer, incentives for the SMEs, exports warehouses, agriculture sector, removal of piracy, mis-declaration and smuggling.S.
M. Muneer underlined the need of revival of last amnesty scheme with some necessary amendments announced in April 2018 for three months. Dr. Mirza Ikhtair Baig, Sr.
Vice President FPCCI also stressed on the same tax rates of last amnesty scheme 2018 and continuation of Foreign Exchange Reforms Act which allowed opening of account, transactions and remittance facility in foreign Currency.During the meeting, the stakeholders suggested that the new scheme should be based on same rules, regulation and tax rates 2%, 3% and 5% announced in last amnesty scheme in 2018.
The stakeholders also stressed on the strict monitoring of tax collection system, measures of discretionary power to conduct audit of tax filers, removal of harassment and ease of documentation.
They argued that the tax collection system in Pakistan is very complicated which needs to be reviewed as per global requirement. Moreover, the tax amnesty scheme should also boost industrialization and create new investment in other than real estate sector of economy and improve cost/ease of doing business.
The house also advocated imposing of taxes on agriculture and other sectors which are currently not under tax net instead of putting extra burden on minuscule number of existing tax payers. They also suggested to announce incentives for filer/ tax payers and announced clean chit if tax payers pay 2% or 5% additional tax and this scheme should be for three to five years.The meeting decided that a committee will be formed consisting of experts which will be headed by President FPCCI for the finalization of draft of new amnesty scheme.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
More Stories From Business
-
Exchange rates for currency notes
1 hour ago -
Foreign exchange rates
2 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
2 hours ago -
Today Gold Rate in Pakistan 26 April 2024
2 hours ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
11 hours ago -
Pak-US officials engage to enhance trade, investment ties
12 hours ago
-
Stocks fall as tech shares sink, US economy slows
13 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
14 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
14 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
14 hours ago -
Honda announces US$11 bn EV battery and vehicle plant in Canada
14 hours ago -
Zhao Shirin calls on Punjab Industries Minister
14 hours ago