FBR unlikely to extend amnesty scheme

OUR STAFF REPORTER ISLAMABAD - The Federal Board of Revenue (FBR) is unlikely to extend the amnesty schemes, for all taxes under which there is no fine penalty or surcharge if principal amount of due taxes paid between June 25 to June 30, which would end today. The Scheme is only for few days and basis reason for its introduction is to collect more revenue in the last days of the outgoing financial year 2010-11 in order to reach the revised tax collection target of Rs 1588 billion, a FBR official said while talking to The Nation on Wednesday. He ruled out any possibility to extend the Scheme, which would end today (Thursday). It is merit mentioning here that FBR has introduced an Amnesty Scheme for the period June 25 to June 30 and according to the scheme, the taxpayers have to pay their due taxes without paying any penalty or surcharge in the said period (June 25 to June 30). The federal government, vide an amendment in its Amnesty SRO No.646 (I)/2011 dated 25th June 2011, has also waived off the fine, in addition to the waiver of penalty and surcharge, on payment of principal amount of Customs Duty before 30th June 2011. The official further added that apart from revenue collection target of the outgoing financial year 2010-11, this scheme would facilitate the taxpayers to pay their tax dues without payment of fines, penalties, surcharges and other additional taxes and dues as well as tax authorities. The Federal Board of Revenue has to collect Rs 90 billion in the remaining two days of the outgoing financial year in order to reach the revised target of Rs 1588 billion. However, the FBR official believed that the tax department would easily achieve the revised target well on time. Business community other day demanded of the government to extend the Amnesty Scheme till July 15, so taxpayers could avail this scheme.