Amnesty Scheme should be extended to July 9 and Tax base should be broadened instead a burden on the exciting taxpayers. The taxpayers should avail the amnesty scheme offered by Federal Board of Revenue (FBR) by waiving penalties and surcharges on all overdue taxes.
Amnesty scheme announced by FBR to deposit the principal amount till June 30, 2011, should be extended up to July 9, 2011, Mohammad Saeed Shafiq, President Karachi Chamber of Commerce & Industry (KCCI) demanded. He said that it was difficult for business and trade community to deposit the principal amount on such a short notice as the announcement was also made a bit late. He recommended the Finance Minister, Abdul Hafeez Sheikh, to extend the date up to July 9, which would help FBR to collect the proposed tax collection target of Rs 1952 billion more successfully since it is almost 23% higher as compared to the previous year's target of Rs 1, 588 billion.
He said that in prevailing conditions of law and order, lack of power & energy sources, negative economic indicators, flight of capital, high cost of doing business and interest rates and an optimistic 2-4% projection of GDP growth, FBR needs to take extraordinary steps focused on not only revenue generation but also improving system of collection and administrative reforms that creates a sense of fairness and equity in tax regime across all the sectors. He said that all over the world such amnesty schemes are announced but it takes some time and are effective gradually in long term and no significant results could be achieved in a matter of week.-PR
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