ISLAMABAD – Finance Minister, Asad Umar said Monday that the upcoming taxamnesty scheme would be the last chance for tax-evaders to declare theirproperties and assets and avoid any legal action which would be initiatedagainst defaulters after the scheme is closed.
The government is introducing Asset Declaration Scheme to give people achance for final time, the minister said while launching a medium-termframework “A Roadmap for Stability, Growth and Productive Employment” hereat BISP headquarters.
He said that in addition to receiving suggestions from different people,the government itself was also of the view that instead of puttingtax-evaders behind the bars, they should be given a chance.
But, the minister said that the scheme would be successful only when peoplerealize that the day this opportunity ends, they would not find any placeto hide their assts, adding the details of the schemed would be revealedwithin a couple of days.
He warned that it would now be hard for tax evaders to hide theirproperties and assets adding that the government sources of acquiringinformation from different countries related to unregistered assets haveimproved considerably.
In addition, there have been considerable improvements inside the countryas laws have been enacted to go after tax evaders.
He said that the Benami Act, which was not implemented by previousgovernment, had been notified while rules for Benami have also beenprepared, notices being served and actions taken.
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The minister was of the view that capacities and capabilities of FederalBoard of Revenue (FBR) to go after tax invaders had improved considerablywhen compared to previous performances.
He advised all the people to take advantage of this scheme when announced,otherwise, they would have to face the law after its deadline ends.
The minister said that the government had been making structural reforms intax collection system by promoting high growth environment to lead toextended tax collection and finally contributed to GDP growth.
He said that the government was introducing latest technology in FBRbesides separating the tax administration and policy sides to improveperformance of the board. In addition, it was simplifying the return filingsystem to facilitate taxpayers.
