Tax amnesty scheme: PTA approaches FBR for extension

Pakistan Tax Advisors Association (PTAA) has approached Federal Board of Revenue (FBR) for extension in tax amnesty scheme up to November 30, 2018 to generate additional revenue by bringing un-declared foreign assets held aboard.

According to a communication of Javed Iqbal Qazi Chairman PTAA to the FBR here on Tuesday, it is submitted that during the course of preparation of Returns of Total Income/Wealth Statements for Tax Year 2018, our members have drawn an inference that there are many persons who could not avail Amnesty announced by the Federal Government in respect of Foreign Assets lying abroad. The time to avail Amnesty has already been lapsed.

We still feel that if period of Amnesty Scheme is further extended to the Public/Tax Payers upto 30.11.2018 being the last date of filling of Tax returns, Federal Government can further collect Foreign Currency under Amnesty Scheme resulting into handsome increase’ in Foreign Currency Reserves. An early action in the matter is requested, Javed Iqbal Qazi added.