20000122

ITBA seeks CBR

notification on

amnesty scheme

RECORDER REPORT

KARACHI: The Income Tax Bar Association (ITBA), Karachi, has asked the Central Board of Revenue (CBR) to issue notification regarding amnesty scheme under the economic package announced by the federal finance minister on December 16, 1999.

In a letter to the CBR chairman, ITBA President Abdul Wahid Tejani said on Friday that a notification be issued regarding various measures under the economic package which include paying of 10 percent tax on undeclared assets to legalise them.

He said: "Rules of amnesty scheme be framed as early as possible to enable tax payers to avail of the benefits and settle their issues."

Tejani has proposed that the CBR should take up an awareness campaign to educate tax payers on the benefits of the scheme otherwise it would end up as an exercise in futility.

He said: "The last date for taking benefits of the scheme should be extended from March 31, 2000 to May 31, 2000.."

He said based on the past experience, unless the exemption for the payment of wealth tax for three to five years on assets declared under the scheme is allowed, the desired results of the scheme would not be achieved,.