Ch Muhammad Tariq, Chief Commissioner Regional Tax office Faisalabad held a seminar with the businessmen, traders and representatives of Yarn Association Faisalabad, on Tax Amnesty Scheme, 2018.
Addressing a large gathering of traders, he dilated upon the scope and philosophy of TAS, 2018 and explained its salient features. He emphasized on 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 assets under the Foreign Assets (Declaration & Repatriation) Act, 2018 and Voluntary Declaration of Domestic Assets Act 2018 duly approved by the Parliament. In this regard, Amnesty Scheme Help desks have been established at Regional Tax Office and its field offices for facilitation in amnesty declaration process and resolution of any queries.
He added that Yarn market is running a potential business activity through non banking channel (Parchi System) and in this scenario, TAS at nominal tax rates to legalize assets, capitals and incomes is not less than a blessing for the traders and businessmen. He appreciated the members of association who have already availed the scheme and sensitized others about legal complications in future for not availing it. He ruled out any extension in the deadline of Tax Amnesty beyond 31st July 2018. 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, capitals and incomes.