LAHORE           -         The Lahore Chamber of Commerce & Industry has urged the Federal Board of Revenue to extend the last date of Tax Amnesty Scheme till August 31st of this year. In a letter, LCCI President Irfan Iqbal Sheikh said that economy is going through a challenging phase due to the outbreak of COVID-19 pandemic. The businesses across all segments are in a distress and facing huge financial losses due to the disruptions in business activities. He said that although the FBR has clarified that the due date for payment of outstanding taxes under the Asset Declaration Scheme 2019 will not be extended beyond June 30th 2020 but keeping in view the severe liquidity crunch, there is need to extend this date till August 31st 2020. He said that that extension would be a good step to relieve pressure on the economy as it would generate additional revenue for the government while businessmen can declare their assets or income and they cannot be asked about their source. “An extension in Tax Amnesty Scheme 2019, coupled with awareness campaign, can help highest number of businessmen to avail full benefit of this good initiative”, the LCCI President said and added that this scheme is beneficial both for the government and the business community as it would help promote documented economy besides giving business doing people an opportunity to legalize their undeclared assets. “We have always demanded for broadening the tax net and lowering the tax rate. We expect that this Tax Amnesty Scheme will go a long way in achieving the desired results. TAS will help broadening the tax net and would reduce the burden from the existing taxpayers”, he said.