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Assets declaration scheme 2019 will attract people to enter into the tax net: RCCI

Assets declaration scheme 2019 will attract people to enter into the tax net: RCCI

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) President Malik Shahid Saleem has expressed hope that newly announced  Assets declaration Scheme 2019 will not only intimate people to enter into the tax net but also help government to document the informal economy.

After meeting with Chairman FBR, Shabbar Zaidi, in Islamabad, RCCI President remarked that Chamber is ready to provide all time assistance and cooperation in organizing awareness session on the Scheme and we will invite FBR Chairman and other representatives from the finance ministry.

President Malik Shahid Saleem said that documentation of economy is vital for economic uplift and asked the government to introduce amendments in laws so that registration of income tax filing can be made hassle free.

The wheel of economy must be back on track as soon as possible. Chambers are not against such amnesty schemes, we, however, always been vocal to make such scheme conditional to invest the capital in the industry.

The lucrative Schemes aimed to help State treasury raising tax revenues, adding beneficiaries in tax base who have not declared their assets previously. However, at the same time, the beneficiaries must be directed to divert the white capital in industry so that we can have more job opportunities in a longer run, he added.

He appreciated chairman’s maiden directives to the field formation that there would be no bank account attachment unless prior information to the taxpayer and the approval of the FBR chairman is obtained.

He also demanded that more incentives should be given to tax payers and reforms must be introduced in tax regime to help broadening the tax net and increasing the tax payers numbers.