ITS gets remarkable response across country: Rs four billion unexplained assets declared

The "Investment Tax Scheme (ITS) 2008", which has been launched by the Federal Board of Revenue (FBR) to provide maximum benefit to the taxpayers, is highly being lauded as over 250 businessmen only in Karachi have agreed to disclose their unexplained investments and assets.
Highly placed sources in Regional Tax Office (RTO) told Business Recorder on Wednesday that since its commencement, the phenomenal response has been witnessed across the country. They said that out of total applicants, who have shown interests to legalise undeclared investments and assets under ITS, are around 251 businessmen belonging to Karachi.
They added that Karachi based businessmen have highly appreciated ITS and declared around Rs four billions unexplained assets to FBR. Investment tax would be payable at 2 percent of fair market value of the assets at the time of declaration of all moveable or immovable, unexplained investments or assets as declared by the taxpayers under ITS, which would be valid till December 31, 2008.
They said that the main purpose behind this scheme is to improve the tax to GDP ratio which is currently below the required standards, they said and added that extensive efforts are underway to motivate taxpayers to avail ITS and legalise their undisclosed assets and investments.