FBR’s amnesty scheme is an excellent proposal to increase revenue and also to encourage investment of the declared money without any fear. However, following points may please be considered in national interest. Tax rate should be low to encourage inflow of money from abroad. All declared money will not be illegally acquired one, such as money acquired through inherited assets distributed or gifted within a family without legal documents to satisfy officials.
The submission of regular tax return in the future should not be mandatory because the declared money may not be based on regular income. Complex and cumbersome tax systems and fear of the tax department will be discouraging factors. Money invested in projects of national interest to promote employment, such as building roads and public transport system, health and education facilities in backward areas, utilization of natural resources, etc should be exempted from tax. Long-term benefits derived from such projects will be far more than the immediate revenue gained.
ENGR. M AKRAM NIAZI,
Rawalpindi, September 25.