The Lahore Chamber of Commerce & Industry has urged the Federal Board of Revenue to extend the last date for Tax Amnesty Scheme till August 31, 2020.
In a letter, the LCCI President Irfan Iqbal Sheikh said that our economy is going through a challenging phase due to the outbreak of COVID-19 pandemic.
The businesses across all segments are in a distress and facing huge financial losses due to the disruptions in business activities. He said that although the FBR has clarified that the due date for payment of outstanding taxes under the Asset Declaration Scheme 2019 will not be extended beyond June 30th 2020 but keeping in view the severe liquidity crunch that has engulfed our economy, we humbly request you to extend this date till August 31st 2020.
He said that that extension to the last date of Tax Amnesty Scheme would be a good step to relieve pressure on the economy as it would generate additional revenue for the government while businessmen can declare their assets or income and they cannot be asked about their source.
