Senate Standing Committee on Finance recommended Federal Board of Revenue (FBR) to introduce amnesty scheme for all sectors specially for industrial sectors along with the real sector. The amnesty scheme for the real sector was formally launched on pressing demands of real sector stakeholders on December 7 and up to December 26 2016, 1919 transactions have been made under the scheme.
Member FBR, Rehmetullah Wazir informed the committee that under this scheme transactions worth Rs 1.4 billion had been made so far and the FBR had collected Rs 50 million taxes under the scheme.
Chairman of the committee, Saleem H Mandviwala however showed concern over giving amnesty to only real sector saying that other sectors should also be given a chance to avail the facility so that the money could be used for productive purposes.
Discussing on another agenda item regarding Qarz Utaro Mulk Sanwaro Scheme introduced in 1997, Dr Waqar Masood, Secretary Finance informed the committee that under the scheme there were three sub schemes namely donations, Qarz-e-Hasna and Term Deposit.—APP