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A potential person of Lahore offered to pay Rs 20 million for the legalisation of undisclosed assets and income under the Investment Tax Scheme-2008 after detection of his case by the regional tax authorities.
An interesting tax case was discussed in the national tax conference of the Federal Board of Revenue (FBR) on Monday where a person of Lahore tried to avail Tax Amnesty Scheme after detection of his concealment/under-reporting by the regional department.
Sources told Business Recorder that a Lahore-based person requested the department to legalise his un-disclosed assets on payment of 2 percent of the fair market value. The amount of tax comes to approximately Rs 20 million under the Investment Tax Scheme-2008. If the amount of tax is nearly Rs 20 million, imagine the total value of assets etc, which would be legalised under the amnesty scheme, sources said.
The issue mainly relates to the persons where detections were made, but they later offer to legalise their assets under the amnesty scheme. It was discussed during the conference whether such kind of cases be granted amnesty under the scheme where detections were being made by the department. In this connection, legal viewpoint was also being discussed under the Income Tax Ordinance 2001.
Some of the officials opined that there seemed to be no objection to allow amnesty to that person for legalisation of un-disclosed assets.
It is important to mention that the discretion to workout fair market value of the un-disclosed/un-explained assets has been given to the taxpayers under the Investment Tax Scheme-2008 to avoid valuation related complications.

Copyright Business Recorder, 2008

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