Lahore: The Federal Board of Revenue (FBR) will initiate action against tax evaders once the deadline for the amnesty scheme has passed, a news source quoted FBR Corporate Regional Tax Office (CRTO) Chief Commissioner Muhammad Nadeem Rizvi as saying.
The commissioner was addressing a conference about the Assets Declaration Scheme – organised by the FBR CRTO Lahore. He said that the amnesty scheme is an opportunity for the public to declare their assets while paying the minimum amount of tax and getting themselves registered in the national economy.
Rizvi added that after June 30, 2019, which is the last date for availing the amnesty scheme, the FBR will take measures to trace undeclared money and assets. He said that defaulters would be liable to heavy taxes and penalties in addition to facing punitive action.
The commissioner also highlighted some details about the how and why people should avail the amnesty scheme. He said that people could benefit from the scheme even if proceedings were initiated, pending, or finalised under the taxation laws. He added that people could revise any omissions or declaration within the provided deadline, but the value of assets and taxes payable would not be less than that stated in the original declaration.