Traders urged to avail tax amnesty

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the business community to avail Tax Amnesty Scheme 2018 by the end of June, a statement said on Wednesday.

LCCI President Malik Tahir Javaid said that it is a golden opportunity for the business community to give legal status to their undeclared assets by paying five percent tax only.

Income tax has been reduced to make tax payment more sustainable, he said, adding that under the Tax Amnesty Scheme 2018, Computerised National Identity Card (CNIC) number has been given the status of the National Tax Number. People will now be able to use their CNIC number to file taxes by simply filling out a form.

People having foreign exchange can purchase bonds from the government on which three percent annual profit will also be given, he said, adding that people with undeclared assets within the country will be able to bring them in the tax net by simply paying a five percent penalty.