Pakistan Real Estate Investors Forum (PREIF) has appreciated the government decision to extend the date for tax amnesty scheme. In a letter sent to the caretaker finance minster Dr Shamshad Akhtar, the PREIF said that this was a positive and timely step taken by the federal government to facilitate the prospective declarants as declarations started gaining momentum after mid-June when they felt confident about the validity and legal cover of the scheme.
The scheme was first announced in April 2018 but people were reluctant to avail the amnesty due to multiple issues. Later, after clarifying ambiguities by the federal government and chairman Federal Board of Revenue (FBR), the declarants get little time left to avail the scheme and submit declarations.
With the government's step to extend the deadline, PREIF hoped that it would result in substantially more foreign and local asset declarations resulting in additional revenue generation for the government.
PREIF believed that extension in amnesty scheme would not only help the government to achieve set targets but would also provide another opportunity to the Pakistanis to be a part of the system by declaring their hidden assets.