Business community wants secrecy of information under assets declaration scheme

Business community wants secrecy of information under assets declaration scheme

KARACHI: Business community has urged Federal Board of Revenue (FBR) to keep information secret under assets declaration scheme in order to ensure confidence of declarants.

Saleem Parekh, Chairman Site Association of Trade and Industry, urged that all the information disclosed must be kept in secret and should not be shared with any other department. “The scheme will only be successful if no questions are asked with regard to the transactions,” he said at an awareness seminar on Asset Declaration Scheme organized at the association.

On the instructions of Chairman FBR Shabbar Zaidi, FBR officials have started awareness campaign in Karachi. In this regard Maqsood Jehangir, Commissioner IR, Large Tax Paying Units (LTU) and Kashif Hafeez (Addl. CIR, Zone 6, CRTO, Karachi) visited SITE Association of Industry which was attended by Executive Committee and large number of industrialists.

Kashif Hafeez gave detailed presentation about Asset Declaration Ordinance 2019 wherein he highlighted the incentives announced by the government that anyone under this scheme can declare their un-declared assets (immovable and moveable) and in this regard all FBR officials would help the business community.

Commissioner informed that under this scheme all information would be kept secret to safeguard the concerns of business community.

He informed that government has received detailed financial information from 26 countries and now it is impossible to hide moveable and immoveable assets. Therefore FBR is encouraging all stakeholders to declare their un-disclosed assets obtained before June 30,Bu 2019.

Saleem Parekh appreciated the presentation and insight knowledge of Commissioner. He said that Commissioner has responded each and every question of the industrialists with clarity which shows his authoritativeness on the subject.

He also appreciated the efforts of government to document the economy and extended his full support on behalf of members of SITE Association of Industry in this regard.