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ICCI calls for one month’s extension in Amnesty Scheme

ICCI calls for one month’s extension in Amnesty Scheme

ISLAMABAD: Muhammad Naveed Malik, Acting President, Islamabad Chamber of Commerce & Industry has called upon the government to give at least one month’s extension in tax amnesty scheme so that maximum number of business community and other people could take benefit of it.

He said this while talking to a delegation of businessmen that called on him led by Mian Akram Farid President Industrial Association Islamabad and Chairman, Skills Development Council, Islamabad. Ashfaq Hussain Chatha, Raja Safeer, Fahim Khan and  Shiraz Siddiqui were in the delegation.

Muhammad Naveed Malik said that the outgoing government had announced an amnesty scheme during last days of its term, but the matter was taken up by the Supreme Court for review due to which businessmen could not take benefit of it as they were waiting for the decision of the supreme court. However, now the SC has approved the amnesty scheme and removed all doubts and ambiguities about it.

He said the scheme was going to end on 30th June 2018 while due to Eid holidays, insufficient time was left for the business community and other people to work out the detail of assets for availing this scheme. He emphasized that the government should give at least one month’s extension in the scheme till 31st July 2018 that would facilitate potential taxpayers to take benefit of this scheme. It will also help in expanding the tax net of the country, he observed.

Speaking at the occasion, Mian Akram Farid, President, Industrial Association Islamabad said that the outgoing government had taken a positive initiative by introducing a tax amnesty scheme as it would enable the Pakistanis to legalize their undeclared assets by paying a nominal tax of 5 percent. He said the overseas Pakistanis would also be able to bring their assets to the country by paying just 2 percent tax. However, he said the scheme was ending on 30th June and business community needed more time to prepare documentation. He stressed that the government should give extension in the scheme so that maximum people could take advantage of it.

Raja Safeer said that USA, Germany, Indonesia, India, Brazil and other countries have also incentivized their potential taxpayers to disclose local and foreign assets by introducing voluntary disclosure schemes with lower tax rates. He hoped that the current amnesty scheme would also be beneficial for the taxpayers as well as the national economy.

Mian Akram Farid said that the government has recently further hiked the prices of petroleum products that has created additional problems for the local industry by enhancing cost of production. He said that the industry was purchasing furnace oil @ Rs.35000/ton which has now gone up to Rs.78000/ton.

He said that more than double increase in the cost of furnace oil has increased manifold the cost of manufacturing activities and urged that the government should review its decision in the larger interest of the national economy.