Islamabad: The Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha has advised the business community to utilize the tax amnesty scheme, according to a news report. Mahmood said this while addressing the members of the Islamabad Chamber of Commerce and Industry (ICCI) on 20th June 2018.
Giving details, he said that from 1st September 2018 onwards Pakistan’s tax authorities will be coordinating with the tax authorities in other countries, allowing the FBR to get detailed reports of the overseas Pakistanis. He also added that inefficiency of the FBR previously had made it untaxed money being remitted out of the country possible, however with new laws he believes this can be curbed.
Present at the occasion, the ICCI President Sheikh Amir said that the amnesty scheme had been welcomed by the business community and that this was a positive development in the right direction. According to Pasha the scheme would improve tax revenue, enhance foreign exchange reserves, reduce current account deficit, improve balance of payments, bring foreign capital to Pakistan and generate economic activities in the country.
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