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

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Muhammad Arshad

Islamabad

Chairman Federal Board of Revenue (FBR) Tariq Mahmood Pasha, Thursday, urged the business community to take full advantage of tax amnesty scheme as keeping undeclared assets in Pakistan and abroad was becoming increasingly difficult.
He further said that the business community had not committed any crime by sending money abroad or buying assets as law and order situation, shortcomings in the system pushed them to do this.
“Money finds its way to the place where it secure” he said while addressing the business community at FPCCI. 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.

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