LAHORE - The Federal Board of Revenue on Wednesday established Asset Declaration Facilitation Desk at Lahore Chamber of Commerce & Industry. The objective of this initiative is to provide guideline to the businessmen interested in availing this opportunity.

LCCI President Almas Hyder and Chief Commissioner Large Taxpayer Unit (LTU) Asim Majeed Khan inaugurated the desk. LCCI Vice President Faheem-ur-Rehman Saigal, Commissioner AEOI (FBR Portal AEOI: Automatic Exchange of Information) Rai Irshad, Former Senior Vice Presidents Irfan Iqbal Sheikh, Amjad Ali Jawa, Khawaja Khawar Rasheed, Vice President Kashif Anwar, Mian Zahid Javed, Dr Muhammad Khaliq Arshad, Khalid Usman and others were also present on the occasion.

Speaking on the occasion, Chief Commissioner LTU said that Assets Declaration Scheme 2019 was a golden opportunity that must be availed by the people. He said that any undisclosed asset, sales and expenditure, held up to June 30, 2019 could be declared under this scheme. Rai Irshad also gave a detailed presentation about Assets Declaration Ordinance 2019.

Almas Hyder said that strict rules and regulations would be implemented after June 30, 2019 therefore businessmen must avail this scheme. He said that FBR desk at LCCI would provide guidelines about this scheme. “It is a good opportunity to legalize all the undeclared assets which have been kept especially abroad and never declared. This scheme also guarantees that nothing will be questioned about the source of income”, the LCCI President added.

He said that the LCCI has always demanded for broadening the tax net and lowering down the tax rate to adequately meet the target of tax collection. “We expect that this scheme will go a long way in achieving the desired results. It goes without saying that tax authorities have to improve their image as well. Lahore Chamber encourages its members to be tax compliant and carry out their liabilities responsibly”, he added.

Faheem-ur-Rehman Saigal said that the businesses would grow due to that positive step by the government. He said that people were now fed up with under-invoicing, mis-declaration of assets and most of them want to come out of this mess.