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Keeping undeclared assets in country, abroad getting difficult: Chairman FBR

Karachi, June 21, 2018 (PPI-OT): Chairman of the FBR (Federal Board of Revenue) Tariq Mahmood Pasha on Thursday said tax amnesty scheme is for the business community who should take full advantage of it as keeping undeclared assets in Pakistan and abroad is becoming increasingly difficult. The business community has not committed any crime by sending money abroad or buying assets as law and order situation, shortcomings in the system, and weaknesses of FBR are behind it, he said.

Addressing the business community at FPCCI, he said that money finds its way to the place where it secure. President FPCCI Ghazanfar Bilour, Chairman UBG Iftikhar Ali Malik and others were also present on the occasion. Mr. Pasha said that the response of the scheme is very encouraging but the figures cannot be revealed at this stage adding that the country will have access to the accounts of Pakistanis in 102 countries in three months which will make it difficult and very costly for the people to keep undeclared assets.

Chairman FBR said that the scheme will improve revenue, stabilise foreign exchange reserves, reduce the deficit, improve the balance of payments, and encourage foreign direct investment. He said that another such scheme is not possible anytime soon while extension in the date is very difficult.

The Chairman FBR said that Dubai has started informing Pakistani authorities about the investment of Pakistani there while the mapping of real estate in Pakistan will be completed shortly. He said that we have planned to reduce withholding tax on filers and increase it on non-filers as soon as the revenue situation warrants it.

At the occasion, Ghazanfar Bilour said that many members of the business community could not benefit from the scheme due to the holy month of Ramadan, Eid, confusion and elections, therefore, its last date should be extended. He said that success of this scheme is very necessary to bail out the country from some of the critical problems. He also lauded FBR to accept many budget proposals and hoped that the rest will be accepted before the next budget.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

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