LAHORE   -   Speakers at a seminar have urged the community to avail rare opportunity of giving legal status to undeclared assets under Assets Declaration Scheme. They said the scheme was aimed at documentation of the economy. Lahore Chamber of Commerce & Industry and Federal Board of Revenue arranged the event at LCCI.

Commissioner Inland Revenue Dr Erfa Iqbal, LCCI President Almas Hyder, Senior Vice President Khawaja Shahzad Nasir, Additional Commissioner Attique-ur-Rehman, Deputy Commissioner Sana Ghous and other experts highlighted different aspects of the scheme.

The experts were of the view that the scheme has realistic targets with low rates. People should participate in the legal economy by becoming part of this scheme until June 30th.

Dr Erfa Iqbal said that philosophy behind the plan was not to intimidate people but to encourage them to participate in the documented economy. She said people would have the opportunity to become part of the scheme until June 30. Every Pakistani citizen would be able to avail the scheme except for people who have held a public office and their dependents. She said that any undisclosed assets, sales and expenditure, held or acquired up to June 30, 2019 could be declared under this scheme.

Almas Hyder said that the objective of seminar was to aware members of the benefits of the scheme and the consequences of not declaring their assets till the given deadline. He said that strict rules and regulations would be implemented after June 30, therefore businessmen must avail this scheme. He said that FBR desk at LCCI was providing guidelines about this scheme. He said that LCCI has always demanded broadening the tax net and lowering down the rate to adequately meet the target of tax collection. “We expect that this scheme will go a long way in achieving the desired results. Tax authorities should also improve their image. LCCI encourages its members to be tax compliant and carry out their liabilities responsibly”, he said.