FPCCI seeks incentives for filers in new amnesty scheme

FPCCI seeks incentives for filers in new amnesty scheme

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called for providing incentives to tax filers as part of the proposed amnesty scheme, a news source reported.

A meeting to this effect took place at the Federation House in Karachi on Wednesday. Former President FPCCI SM Muneer, along with representatives of various chambers, attended the meeting.

The participants discussed proposals for inclusion in the tax amnesty scheme for 2019. FPCCI President Engineer Daroo Khan Achakzai informed the meeting about the outcomes of the previous amnesty schemes.

He said a new amnesty scheme was necessary to regularise undocumented transactions and enhance revenue. He said that Prime Minister (PM) Imran Khan had advocated for another amnesty scheme. The PM had asked the FPCCI president to come up with recommendations in consultation with stakeholders.

SM Muneer stressed the need to revive the amnesty scheme announced in April 2018 with necessary amendments. FPCCI Senior Vice President Mirza Baig said that the government should continue pursuing the Foreign Exchange Reforms Act.

The stakeholders suggested that the new scheme should be based on same rules, regulations and tax rates announced in the last amnesty scheme.

They also called for bringing sectors such as agriculture into the tax net. They said that the new amnesty scheme should exist for a period of three to five years.