ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue, and Economic Affairs, directed the Federal Board of Revenue (FBR) to modify the proposed tax amnesty scheme to attract a maximum number of people.
Dr. Hafeez Shaikh chaired a meeting on Tuesday to review the planned Asset Declaration Scheme, emphasizing the need for significant revisions.
The Adviser instructed the FBR to enhance and refine the scheme, making it more appealing and persuasive to encourage maximum participation from individuals currently outside the formal economy. The primary goal is to integrate these individuals into the formal economic system, broadening the tax base and improving compliance.
Dr. Hafeez Shaikh stressed the importance of devising a successful communication strategy that would enable the public to easily understand the scheme’s details. Clear and effective communication is seen as crucial for the scheme’s success, ensuring that potential participants are well-informed about the benefits and processes involved.
The meeting included detailed deliberations on various aspects of the scheme, with participants highlighting the necessity to simplify its implementation. The focus was on making the scheme user-friendly and straightforward to eliminate any complexities that might deter participation. Inputs from various stakeholders underscored the importance of the scheme’s design reflecting its primary objective—documenting the economy.
The Federal Cabinet had previously directed the FBR to consult with experts from different sectors to make the scheme more inclusive and reduce complications. This directive was reiterated during the meeting, with a call for broad-based consultations to ensure the scheme’s efficacy and inclusivity.
In addition to Dr. Hafeez Shaikh, the meeting was attended by Adviser to the Prime Minister on Commerce, Textile, Industry & Production, and Investment, Abdul Razak Dawood, Adviser on Institutional Reforms and Austerity, Dr. Ishrat Hussain, Minister of State for Revenue, Muhammad Hammad Azhar, the Chairman of the FBR, and experts from the business, accounting, and banking sectors. Their combined expertise was aimed at shaping a comprehensive and effective Asset Declaration Scheme.
The collaborative effort and diverse inputs from various sectors are expected to result in a well-rounded scheme that effectively brings undocumented assets into the formal economy, thereby boosting revenue and fostering economic growth. The modifications and strategic communication efforts are critical steps towards achieving these objectives, ensuring the scheme’s success and wider acceptance.
