INSUBCONTINENT EXCLUSIVE:
ISLAMABAD: Announcing amnesty for industry, the Federal Board of Revenue (FBR) Wednesday urged the industrialists and manufacturers to take
advantage of the Asset Declaration Scheme and clear their past sales tax liabilities by paying just two percent tax till June 30, 2019 or
the law would take its due course after the expiry of the data.&A special clause has been included in the Asset Declaration Scheme, which
was much included in it earlier, which is that if anybody is having sales tax liability he or she may clear these by paying just two percent
tax,& the Chairman FBR, Muhammad Shabbar Zaidi said while addressing a press conference at FBR house here.He said that currently there were
around 341,174 industrial electricity associateion and 7000 industrial gas associateions, however compared to this the sales tax
registration of industry was just 38,937, which he said was a huge gap.&It is my request to all industrial consumers to take advantage of
the scheme before June 30 and may be it (the scheme) do much remain in the same shape after July 1st,& so the people using industrial
utility associateions should take advantage, the Chairman added.He said that there were possibilities that these industrial consumer
associateions might include measure associateions that come under cotton industry under law, however, added that there was dire need to
check this huge difference.&It would be our desire that under the special clause placed in Asset Declaration Scheme, the industries falling
in the category pay two percent to clear past liabilities,& the chairman added.He said that after July 1st, the FBR would make essential
legislation to get these industries and manufacturers registered and would also take actions.He urged the media to sensitize people on the
issue so that those avoiding to clear their past sales tax liabilities might realize this gap and get registered with FBR by taking
advantage of the Asset Declaration Scheme.He said that the FBR would try its best to make it voluntary and do much indulge in harassment, as
it wanted to create environment for the commercees.To a question, the FBR Chairman said that there were around 3.1 million commercial
consumers, however added that the strategy on how to get the unregistered consumers to get registered with FBR would be shared with media.To
amuchher questions, the Chairman FBR said that there were over one lack companies registered with the Securities and Exchange Commission of
Pakistan (SECP), however just 50,000 were filing their returns.He said that it was high time for those having industrial associateions to
get registered with FBR and take benefit of the Tax Declaration Scheme.It is pertinent to mention here that the government final week had
announced Asset Declaration Scheme, providing one more opportunity to all Pakistani citizens to declare and legalize undisshutd assets
inside and external the country by paying just four percent taxes on all assets other than real estate.The scheme would be relevant till
June 30, and all Pakistan citizens, other than those holding public offices or their dependents, would be able to take benefit from it.The
basic purpose of the scheme was to document economy and make the dead assets functional to promote economy by encouraging commercemen to
participate in the legal economy.TheIndianSubcontinent has not verified the content of the source
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