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The asset declaration scheme 2019 is a very beneficial option for all those who have not yet declared their assets transparently. Now, they can make their assets legitimate. Commissioner Inland Revenue, Corporate Tax, Office, Lahore Zone-III Dr Erfa Iqbal said this while giving a briefing to the representatives of trade and industry. A number of companies and their directors were outreached to apprise them about the scheme. A Team comprising of Additional Commissioner Attique-ur-Rehman and Deputy Commissioner Inland Revenue Corporate Office Lahore Zone-III Ms Sana Ghous, under the team lead Dr Erfa Iqbal, are running the awareness campaign among existing and potential taxpayers.
Dr Erfa Iqbal said this scheme is aimed at allowing inclusion of non-documented economy in the taxation system as well as promoting economic revival and growth by encouraging a culture of tax compliance. She urged that business community should take full benefit of this scheme to bring their undeclared assets into documented economy.
She said the scheme is unique from previous schemes as it also provides for the declaration of Benami assets. This has been made possible only after the promulgation of Benami Transactions (Prohibition) Act, 2017, which provides for confiscation of Benami assets and imprisonment of the holder besides fines. The last date for declaration is 30th June, 2019, she added.

Copyright Business Recorder, 2019

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