KARACHI: Dr. Mirza Ikhtiar Baig Senior Vice President FPCCI hailed the new amnesty scheme and termed it more practical and effective covering the loopholes of previous scheme.He appreciated measures taken in the new amnesty scheme for whitening the money but first by depositing that money in a bank account, whereas earlier there was no such condition and people misused it only to whiten the cash in hand. Baig also endorsed that the persons availing amnesty scheme must file income tax returns to become registered tax payers, whereas there was no such condition in the previous scheme and as such could not attract large number of non-filers in the tax net. The new scheme applies two per cent additional tax on foreign assets not repatriated to Pakistan. It also provides clearance of past sales tax liabilities by paying two per cent taxes which will give relief to the registered tax persons to regularize their old disputed cases. The provision to submit revised balance sheets and returns is a proof that the scheme is not just aimed to generate revenue but to provide a last opportunity to whiten the benami income or assets to avoid implementation of harsh conditions of the benami law 2017. Dr Baig advised businessmen to avail the amnesty scheme as soon as possible.
from The News International - National http://bit.ly/2Q2L6sk
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