Summary On the whole, the newly registered people have declared assets worth Rs 74 billion
LAHORE (Dunya News) – Around 7,800 traders have registered in tax amnesty scheme whereas the government was expecting at least ten lac people, Dunya News reported Saturday.
Sources privy to the Federal Board of Revenue (FBR) stated that less than eight thousands people have registered themselves under the special scheme despite the fact that deadline has been pushed numerous times.
On the whole, the newly registered people have declared assets worth Rs 74 billion.
On the other hand, in the first nine months of the fiscal year (FY) 2015-16, tax recoveries worth Rs 2,100 have been collected and target of Rs 3,100 seems far-fetched.
Earlier in January, the government introduced tax amnesty scheme in bid to attract evaders to tax base and streamline them.
The scheme allowed the people to get streamlined by simply paying 1% tax on their black money and turning it into white.
Different sections criticised the government for ‘rewarding’ the evaders yet again by offering them another amnesty scheme.
Document issued by the authorities concerned stated that the scheme will continue until 2018.
Three slabs have been set in the scheme. In the first slab, 0.2% tax will be applicable on sales up to Rs 50 million. In the second slab, a fixed amount of Rs. 100,000 will be deducted as tax for sales between Rs 50 million and Rs 250 million with an additional 0.15% tax on the total sales. In the third slab, tax of Rs 400,000 with an additional 0.1% tax will be deducted for sales above Rs. 250 million.
