LCCI demands extension in tax amnesty scheme till Aug 31
LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has urged the Federal Board of Revenue (FBR) to extend the last date for Tax Amnesty Scheme till August 31, 2020.
An LCCI spokesperson said, LCCI President Irfan Iqbal Sheikh said in a statement that our economy was going through a challenging phase due to the outbreak of COVID-19 pandemic.
He said that the FBR has clarified that the due date for payment of outstanding taxes under the Asset Declaration Scheme 2019 would not be extended beyond June 30, 2020 “but keeping in view the severe liquidity crunch that has engulfed our economy, we humbly request you to extend this date till August 31.”
Irfan Iqbal Sheikh said that extension to the last date of Tax Amnesty Scheme would be a good step to relieve pressure on the economy as it would generate additional revenue for the government while businessmen could declare their assets or income and they could not be asked about their source.
“An extension in Tax Amnesty Scheme 2019, coupled with awareness campaign, could help highest number of businessmen to avail full benefit of this good initiative," the LCCI president said and added that this scheme was beneficial both for the government and the business community as it would help promote documented economy besides giving business doing people an opportunity to legalize their undeclared assets.
The LCCI President said that extension in Tax Amnesty Scheme till August 31st would enhance the chances of its success as businessmen would get more time to understand. – APP