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Businessmen asked to point out anomalies in tax amnesty scheme

RECORDER REPORT

KARACHI: Mohammad Akhtar Nazar Khan, Regional Commissioner of Income Tax (Corporate Region) has urged the business community to point out anomalies in the tax amnesty scheme so that these could be brought to the notice of higher authorities for removal.

Speaking at a meeting of the Karachi Chamber of Commerce and Industry (KCCI) on Wednesday, Khan said the amnesty scheme was announced on the demand of the business community, and added that it was the last chance to declare black money and hidden assets.

He said after the expiry of the last date the government was going to be very strict and would prosecute the guilty.

He mentioned that the government had completed a commercial property survey in NWFP and the data had been computerised. A survey on same lines in Islamabad and Punjab was in progress.

He said that the government was also conducting survey in Sindh but its data was not computerised.

The regional commissioner said that the declaration made by individuals or businesses would be compared with the data of the income tax department.

He explained the amnesty scheme in detail and said that only 10 percent tax was required to be paid to avail of this chance to declare hidden income and assets, and added that the declaration could be made of undisclosed income earned in any income year ending on or before June 30, 1999.

He said all declaration made under the scheme would undergo preliminary examination. The declaration would be accepted in case there was no mistake. In case of deficiency or any mistake in declaration, a notice with the prior approval of commissioner of income tax would be issued to rectify or explain the mistake within 30 days. Those who fail to rectify the mistakes within 30 days, will not be eligible to avail of benefits of the scheme.

Explaining a point Shafi Malik, Regional Commissioner Income Tax (Southern Region) said that the income tax department had conducted commercial property survey in Karachi and had record the number of cars of 1600cc and above, commercial property, shops, nature of business, who paid the lowest and the highest income tax and annual turnover.

The KCCI members demanded guarantees against the declaration of black money under amnesty scheme.

One of the members pointed out that in Pakistan, policies changed with the change in governments and the new government scraps all amnesty schemes of the predecessor and starts harassing those acting on its advice.

Another member said that 10 percent tax was on higher side, and nobody was going to avail of this scheme at such a high tax rate. He demanded that the tax should be cut to zero percent or one percent.

Earlier, welcoming the guests Amjad Rafi, the President of the KCCI has demanded extension of last date from April 30 to June 30, 2000.