ISLAMABAD – The upcoming tax amnesty scheme would be the last chance fortax-evaders to declare their properties and assets and avoid any legalaction which would be initiated against defaulters after the scheme isclosed.
The government is introducing Asset Declaration Scheme to give people achance for final time, official sources said, however added it would not beapplicable for individuals holding public offices.
The scheme was being launched after receiving suggestions from differentpeople while the government itself was also of the view that instead ofputting tax-evaders behind the bars, they should be given a chance.
However, the sources added, the scheme would be successful only whenpeople realize that the day this opportunity ends, they would not find anyplace to hide their assets, adding the details of the schemed would berevealed within a couple of days.It would now be hard for tax evaders to hide their properties and assets,they said adding that the government sources of acquiring information fromdifferent countries related to unregistered assets have improvedconsiderably.
In addition, there have been considerable improvements inside the countryas laws have been enacted to go after tax evaders. The Benami Act, whichwas not implemented by previous government, had been notified while rulesfor Benami have also been prepared, notices being served and actions taken.
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Likewise, the capacities and capabilities of Federal Board of Revenue(FBR) to go after tax invaders had improved considerably when compared toprevious performances.
The government had been making structural reforms in tax collection systemby promoting high growth environment to lead to extended tax collection andfinally contributed to GDP growth.
The government was also introducing latest technology in FBR besidesseparating the tax administration and policy sides to improve performanceof the board. In addition, it was simplifying the return filing system tofacilitate taxpayers.
