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FEBR calls for amnesty scheme for tax filers

Lahore:    The Friends of Economic and Business Reforms (FEBR) President Kashif Anwar has asked the government to also launch an amnesty scheme for the filers and tax payers in line with the Assets Declaration Scheme being introduced for the non-filers.
Kashif Anwar, also former vice president of the Lahore Chamber of Commerce & Industry, stressing the need for relief in the upcoming federal budget 2019-20, pointed out that filers must be exempted from tax audits for at least next three years. The tax payers are maintaining their documentations and being regular income tax filers must be given relief in the budget, he added.
In his proposals for the upcoming budget aimed at enhancing revenue collection, the FEBR president stressed the need for addressing the key issue of massive under-invoicing and suggested that import value should be fixed in consultation with the industry.
He asked the government to bring down corporate tax, which currently stands at 31 %, as the Pakistan’s corporate tax rate is third highest in world.
He further said that tax holidays may be introduced for new business ventures for at least first five years from the date of incorporation for those taxpayers who incorporate their businesses as LLP.

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