LCCI for extending tax amnesty scheme

LAHORE: The business community on Wednesday asked for extending the Tax Amnesty Scheme 2018 with an awareness campaign to help a large number of businesses in availing the benefit of the initiative introduced by the previous regime.

They were speaking at a seminar “Tax Amnesty Scheme 2018”, jointly organised by the Lahore Chamber of Commerce and Industry (LCCI) and Federal Board of Revenue.

LCCI President Malik Tahir Javaid said Tax Amnesy Scheme 2018 would relieve pressure on the economy by generating additional revenue for the government. It would also enable businessmen to declare their assets or income without being asked about their source. He said reasonable extension in Tax Amnesty Scheme 2018 would enhance the chances of its success as businessmen would get more time to understand.

Commissioner Inland Revenue Aisha Imran Butt said all possible measures were being taken to make the amnesty scheme a success. She briefed the participants about the scheme and other relevant affairs.

LCCI Vice President Zeshan Khalil said this golden opportunity should be availed by the business community and they should give legal status to their undeclared assets by paying two to five percent tax only. Income tax has been reduced to make tax payment more sustainable.