Karachi Chamber of Commerce and Industry demands Extension for Amnesty Scheme till 9th July

Karachi Chamber of Commerce and Industry demands Extension for Amnesty Scheme till 9th July

Karachi: Amnesty Scheme should be extended to July 9 and Tax base should be broaden instead of burdening the exciting taxpayers

Taxpayers should avail the amnesty scheme offered by Federal Board of Revenue (FBR) by waiving penalties and surcharges on all overdue taxes.

Amnesty scheme announced by FBR to deposit the principal amount till June 30, 2011 should extend up to July 9, 2011, Mohammad Saeed Shafiq, President Karachi Chamber of Commerce and Industry (KCCI) has demanded.

He said that it was difficult for business and trade community to deposit the principal amount in such a short notice as the announcement was also made a bit late. He recommended the Finance Minister, Abdul Hafeez sheikh to extend the date up to July 9, which would help FBR to collect the proposed tax collection target of Rs.1952 billion more successfully since it is almost 23% higher compare to the previous year’s target of Rs.1588 billion.

He said that in prevailing conditions of law and order, lack of power and energy sources, negative economic indicators, flight of capital, high cost of doing business and interest rates and an optimistic 2-4% projection of GDP growth, FBR needs to take extraordinary steps focused on not only revenue generation but also on improving system of collection and administrative reforms that creates a sense of fairness and equity in tax regime across all the sectors.

He said that all over the world such amnesty schemes are announced but it takes some time and are effective gradually in long term but no significant results could be achieved in a matter of week.

Mohammad Saeed Shafiq also highlighted the fact that a major portion of economy is undocumented and such amnesty schemes could be useful for documentation of economy to collect the due share of taxes from all sectors and reduce the overwhelming tax burden on existing taxpayers.

For more information, contact:
M. Shafiq Baig
Public Relations Officer
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road,
Shahrah-e-Liaquat, Karachi-74000
Tel: +9221 9921 8001 -09
Fax: +9221 9921 8010
Email: pro@kcci.com.pk, pro2@kcci.com.pk
Website: http://www.kcci.com.pk/

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