The Investment Tax and Tax Arrears Settlement Incentive Schemes are more attractive than the previous Tax Amnesty Schemes, says Masood Ali Jamshed, director-general, Regional Tax Office, Faisalabad, while addressing Faisalabad Tax Bar Association. Apprising the Tax Bar of salient features of the newly issued Tax Scheme, Masood Ali Jamshed said that any income or investment, not declared previously can be legitimised by paying tax on it at the rate of only two percent.
He was of the view that this scheme is far more attractive as compared to the Tax Amnesty Schemes introduced in 1997 and 2000, saying the government has provided highly concessional rate of tax for declaring undisclosed assets. Similarly arrears outstanding could be settled by paying the original amount only thereby waiving off all penalties and additional tax thereon.
He urged the Tax Bar to propagate these schemes and encourage more and more people to benefit from the schemes. In reply to a query, Masood Ali Jamshed said that evaluation of assets would be made by the taxpayer and the department would accept his point of view reposing confidence in him. More meetings between the director-general and chamber of commence and trade bodies of the city are expected in this regard.
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