Business Community asked to take benefit of Assets Declaration Scheme 2019

Icci 1

Icci 1

Muhammad Shaukat Hayat Cheema, Commissioner Inland Revenue (East Zone), Regional Tax Office, Islamabad along with his team visited Islamabad Chamber of Commerce & Industry and gave a detailed briefing to the business community on the Assets Declaration Scheme 2019. He urged that business community should take benefit of this scheme to bring their undeclared assets into documented economy.
He said that revenue collection was not the main agenda of Assets Declaration Scheme 2019, rather it was meant for allowing undocumented economy into taxation system. He said that the scheme focused on economic revival and growth by encouraging a tax compliant economy.
Muhammad Shaukat Hayat Cheemasaid that any undisclosed assetsacquired up to 30th June 2018 could be declared through this scheme on payment of nominal taxes. However, any proceeds or assets that were involved in or derived from the commission of a criminal offence, gold and precious stones, bearer price bonds, bearer securities, certificates, bonds or any other bearer assets, any undisclosed assets/undisclosed expenditures on which proceedings were pending in high court or supreme court and cash in hand (local or foreign) were not covered by the scheme except that which was deposited in the bank account in the manner laid down in the scheme. He said that scheme was opened by 30th June 2019 and would not be further extended. At the occasion, business community was also briefed about online filing of declarations through FBR web portal.

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