KARACHI: President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Engr. Daroo Khan Achakzai has hailed Asset Declaration Ordinance (ADO) 2019, and termed it as a right step in the right direction.
He appreciated that the scheme is aimed at bringing the tax evaders under the tax net, enhancing the country's revenue base, documentation of economy, arresting the size of ever increasing black economy, mobilize resources and to bring dead assets in the mainstream of economy and make them functional, said a FPCCI press release on Friday.
He was speaking at the seminar on "The Asset Declaration Ordinance-2019" organized by the FPCCI in collaboration with the Inland Revenue Services, Corporate Regional Tax Office Karachi with the objective to create awareness amongst the concerned asset holders and potential taxpayers.
He recalled that during the past six years, tax-to-GDP ratio has remained between 9pc in 2013-14 and 11.4pc in 2017-18 to 10.8pc in the current year 2018-19.
FPCCI Chief hoped that the government efforts to raise tax-to-GDP ratio to 12.6pc in the next year (2019-20).
Documentation of economy and broadening of tax base would yield fruitful results as no economy can function without sufficient revenue collection and its thin tax base consisting of about two million assessees or 1pc of total population has resulted in higher tax rates which provides sufficient incentive for tax evasion and corruption.
FPCCI President informed that the ADO, 2019, had granted special treatment to the real estate sector and appealed to take advantage of tax amnesty scheme and document benami / undeclared / under-declared property and concede assets against concessionary tax payments.
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