Islamabad, June 21, 2019 (PPI-OT): Muhammad Shaukat Hayat Cheema, Commissioner Inland Revenue (East Zone), Regional Tax Office, Islamabad along with his team visited Islamabad Chamber of Commerce and Industry and gave a detailed briefing to the business community on the Assets Declaration Scheme 2019. He urged that business community should take benefit of this scheme to bring their undeclared assets into documented economy.
He said that revenue collection was not the main agenda of Assets Declaration Scheme 2019, rather it was meant for allowing undocumented economy into taxation system. He said that the scheme focused on economic revival and growth by encouraging a tax compliant economy.
Muhammad Shaukat Hayat Cheema said that any undisclosed assets acquired up to 30th June 2018 could be declared through this scheme on payment of nominal taxes. However, any proceeds or assets that were involved in or derived from the commission of a criminal offence, gold and precious stones, bearer price bonds, bearer securities, certificates, bonds or any other bearer assets, any undisclosed assets/undisclosed expenditures on which proceedings were pending in high court or supreme court and cash in hand (local or foreign) were not covered by the scheme except that which was deposited in the bank account in the manner laid down in the scheme. He said that scheme was opened by 30th June 2019 and would not be further extended. At the occasion, business community was also briefed about online filing of declarations through FBR web portal.
Speaking at the occasion, Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce and Industry said that such schemes should be made in consultation with stakeholders to maximize their benefits. He said that a short period was given to avail the Assets Declaration Scheme 2019 and stressed that at least 6 months should have been given for the scheme to achieve betters results for it. He said that many Pakistanis living in foreign countries were facing problems in payment of tax through this scheme and urged that government should look into this issue to facilitate them. He assured that ICCI would support the initiatives of the government aimed at promoting documented economy.
Rafat Farid Senior Vice President and Iftikhar Anwar Sethi Vice President, Islamabad Chamber of Commerce and Industry gave many proposals to make the Assets Declaration Scheme 2019 successful. Baser Daud, Khalid Chaudhry, Zahid Hamid and many others members asked many questions and sought clarifications on many issues related to the scheme.
For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk