KARACHI: Ms. Seema Shakil, Member Inland Revenue (Operations), Federal Board of Revenue (FBR) on Monday said that date for asset declaration scheme will not be extended due to obligations under IMF loan program.
“The last date for availing asset declaration scheme is June 30, 2019. There will be no further extension in the last date as the IMF loan program will commence from July 01,” the member said at an even organized by Karachi Tax Bar Association (KTBA).
She said that present scheme was bargained with the IMF in order to provide people declare their undisclosed cash, assets and supplies before the tax machinery launch massive crackdown.
Ms. Seema Shakil said that the asset declaration scheme had been launched within short span of 8 to nine months considering bulk of information of Pakistanis having offshore investments received. Besides, information under OECD treaty has also been received to the authorities.
Further, the FBR notified rules for Benami laws in February 2019 empowering authorities to take action against people having assets in some other names.
It was demand from the stakeholders to allow such scheme before any harsh action. She said that it was unfair to take action without giving opportunity.
On the occasion, Zeeshan Merchant, former vice president, KTBA highlighted the major points of the asset declaration scheme.
He said that the scheme was expiring on June 30, 2019 and people were still trying to understand it.
He urged the tax authorities to extend the last date for availing the scheme as much of the time had lapsed due to Eid holidays.
Abdul Qadir Memon, President, Pakistan Tax Bar Association, Rehan Siddiqui, President, KTBA and other senior official of FBR were also present on the occasion.