Tax Amnesty Scheme- Help desk established at RTO Faisalabad

FAISALABAD: Regional Tax Office has established a help desk for the knowledge and management of FCCI members regarding Tax Amnesty Scheme 2018 in the reception area with immediate effect.

Deputy Commissioner Inland Revenue Junaid Murtaza Janjua will supervise this desk while supervisor Abbas Ali Abid will collect the information regarding filing of declaration of Tax Amnesty Scheme 2018 and tax paid thereon from the manager PRAL.

He will also forward report to the additional commissioner for furnishing the same to Federal Board of Revenue Islamabad on daily basis at 11:00 am till June 30 2018.

RTO requested to Faisalabad Chamber of Commerce and Industry FCCI members also business community contact with Junaid Murtza Janjua Deputy Commissioner Inland Revenue in case of any problem.

ALSO READ: Deadline for filing assets under Tax amnesty scheme declared as 30th June 2018: FBR

The ongoing tax amnesty schemes for undisclosed foreign and domestic assets may attract declarations to the tune of $15-25 billion.

According to sources, related to assessment of the it could possibly lead to asset declarations of Rs2-3 trillion or US$15-25 billion.

This is expected to result in tax revenues of over Rs100bn (0.3 percent of GDP) and would help to some extent in bridging the widening fiscal deficit of the country (reported at 6.1 percent of GDP during Jul-May 2018).

Given expectations of declarations of US$25-30 billion, inflows of up to $2 billion can be expected. This would include both payment of penalty amount on foreign assets and repatriation of foreign assets.

With only 2 working days left before the expiry date of June 30, 2018, the Tax Amnesty scheme announced on April 5, 2018 by the previous government is finally gathering steam.

Key trigger that has changed the Amnesty Scheme’s outlook is the favorable ruling by the Supreme Court on June 12, 2018 that stated that it will not interfere with the workings or modalities of the scheme.