Lahore Chamber welcomes Tax Amnesty Scheme

LAHORE, Apr 08 (APP):Lahore Chamber of Commerce and Industry (LCCI) on Sunday welcomed the Tax Amnesty Scheme announced recently by the Prime Minister.
LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil said here in a media statement that the scheme was a major breakthrough that would help expand tax net as collection of revenue had always been remained under pressure due to various reasons.
They termed this government’s initiative as mega tax reform and hoped that it would attract more and morepeople to get registered with the relevant tax collection authorities.
Lahore Chamber’s office-bearers were of the view that government had made reasonable progress at economic fronts and took bold decisions in the larger interest of the economy.
They said that foreign assets were useless for Pakistan but now these could be brought into the country with payment of only five percent tax that would ultimately ensure huge financial benefits to Pakistan.
These foreign remittances would be used for creation of
new employment opportunities as well as expansion of local
industry on modern lines, they added.
They said that in the past, there was energy crisis
and vulnerable law and order situation due to which the
people had transferred their assets to other countries, but
now the situation had improved substantially and amnesty
scheme would help bring those assets back to Pakistan.
Since other countries were putting in place tough
policies for foreigners, the amnesty scheme would prove to
be a great opportunity for overseas Pakistanis to transfer
their assets to their home country, they added.
It was a good omen that the government had also accepted
their long-pending demand of giving Computerised National
Identity Card (CNIC) number the status of National Tax Number (NTN),
they said.