Mehmood Aslam Lillah, Director General Withholding Tax FBR held a seminar with the businessmen, traders and representatives of Faisalabad Chamber of commerce and industry (FCCI) on salient features of Tax Amnesty 2018.
Addressing a large gathering, He enlighten that the government had launched the Tax Amnesty Scheme to allow those holding undeclared properties and assets both in Pakistan and abroad to disclose them by paying minimal tax rates of 2% tax on declaration and repatriation of foreign assets, 3 % on declaration of immovable foreign assets and 5 % on declaration and non-repatriation of foreign assets. He appreciated that TAS has generated 10 times more response as compared to the previous schemes. He advised the participants to utilize frequently asked questions (FAQs) uploaded on FBR website, 24/7 helpline, focal persons and Amnesty Scheme help desks established at Regional Tax Offices to get resolution of any queries about TAS.
He ruled out any extension in the deadline of Tax Amnesty beyond 31st July 2018 and advised the people to avail amnesty at the earliest instead of waiting for the last date. He cautioned, under the new international tax regime, it will be very difficult to hide and protect undisclosed assets in Pakistan and abroad. And, after the expiry of amnesty, the department will have the right to take action against any tax evasion related to miss-declaration and under-declaration of assets and income.