20000314

IT commissioner

briefs Abad on

self-assessment,

amnesty schemes

RECORDER REPORT

KARACHI: Income Tax Commissioner Iqbal Jumani said on Monday that the amnesty scheme recently announced by the government would be the last chance to legalise undeclared income by paying 10 percent tax.

He was briefing members of the Association of Builders and Developers on the amnesty scheme, self-assessment scheme and presumptive tax at a meeting held at the Abad House to educate developers and builders on these schemes.

Jumani said these schemes were taxpayer-friendly and liberal whereby the builders could whiten their undeclared income. No questions would be asked about the undeclared wealth, he added.

Members of the Abad put a number of questions to Jumani and his colleagues regarding their apprehensions that might follow the declaration of hidden wealth.

Jumani said discretionary powers of income tax officers had been substantially curtailed and assessment process had been simplified.

He said Abad would do a service if its members formulated proposals to further simplify presumptive tax. Their recommendations would be forwarded to the Central Board of Revenue for consideration.

The builders showed their confidence in the CBR and extended their help in mobilizing more revenue for the government.

Anwer Dawood, acting chairman of Abad and Zahid Rizvi, chairman (southern region), also spoke on the occasion.