LAHORE - Federation of Pakistan Chambers of Commerce and Industry and Lahore Chamber of Commerce and Industry have asked the finance ministry to make some minor procedural change in collection of tax on foreign assets to avail Tax Amnesty Scheme 2018.

LCCI Standing Committee on Economic Reforms chairman Kashif Anwar welcomed the Tax Amnesty Scheme.

He said that the Federal Board of Revenue has so far received Rs37 billion in tax revenue under the amnesty for undeclared local and foreign assets. As the scheme's last date is fast approaching, he demanded the government to also allow those Pakistanis, who have fixed foreign assets but not have foreign currency accounts neither their siblings have the foreign currency accounts, to submit taxes on foreign assets in equivalent Pakistani rupees in Pakistan. In this way their undisclosed assets abroad will be documented while revenue collection by Pakistan will also be enhanced, he added.

He said that government will collect more revenue if this minor change is made in collection procedure of the tax in the scheme.