The Federal Board of Revenue has collected a huge amount of Rs 1.54 billion from the Tax Investment Scheme (TIS) by 10,828 declarations made for the legalisation of undisclosed and unexplained assets and income till December 31, 2008.
According to FBR data issued on Wednesday, the scheme has been expired on December 31 2008, as around 10,828 persons benefited from the scheme. The cases were settled after netting Rs 1,542 million as tax on payment of two per cent of the fair market value of their assets.
Break-up of the total cases received under the TIS showed that the Regional Tax Office (RTO), Lahore received record 4,114 declarations under the scheme with an amount Rs 784 million; RTO Karachi 1,861 cases, amount Rs 288 million; RTO Rawalpindi 979 cases, Rs 86 million; RTO Faisalabad 925 cases, Rs 93 million; RTO Hyderabad 868 cases, Rs 44 million; RTO Gujranwala 572 cases, Rs 65 million; RTO Sialkot 522 cases, Rs 47 million; RTO Sukkur 495 cases, Rs 23 million; RTO Peshawar, 246 cases Rs 43 million; RTO Quetta, 48 cases, Rs 12 million; RTO Abbottabad 83 cases, Rs 7 million; Large Taxpayer Unit (LTU), Karachi one case deposited Rs 25 million as tax; LTU, Lahore 3 cases Rs 4 million and LTU Islamabad received one declaration with deposited tax of Rs 0.4 million under the TIS.