RAWALPINDI - An awareness session on Assets Declaration Scheme 2019 was held at the Rawalpindi Chamber of Commerce and Industry (RCCI) here on Wednesday. Chief Commissioner Inland Revenue Dr Basheer Ullah Khan, while addressing a large number of traders in the awareness seminar, reiterated that the closing date for the Assets Declaration Scheme is 30th June 2019. He advised people intending to avail this scheme to ensure that reliable data regarding undeclared and undisclosed assets and expenditure is available with FBR before 30th.
He informed that the data of industrial and commercial gas and electricity consumers has been procured from various distribution companies to identify the people who are chargeable to tax but have not been paying their dues. The given Scheme has full legal cover as it was placed through Ordinance.
He appreciated RCCI efforts in promoting trade activities, dispute resolutions through ADRC, addressing income and sales tax issues and building strong relations with the Inland office.
President Malik Shahid Saleem said that documentation of economy is vital for economic uplift and said that the time has come for Pakistan to address inequity and to tackle the informal economy, which is considered a barrier to inclusive growth.
He expressed hope that newly announced Assets declaration Scheme 2019 will not only intimate people to enter into the tax net but also helped government to document the economy. He said that Asset Declaration Scheme will enhance the tax base and bring benami and other unregistered assets in the formal economy. 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 industrial sector.
He also demanded that more incentives should be given to taxpayers and reforms must be introduced in tax regime to help broadening the tax net and increasing the tax payers numbers. Group leader Sohail Altaf asked FBR to facilitate existing taxpayers and increase the tax base. He also urged to build strong relationship with FBR as we observe in banks and other multinational companies via customer service.