Tax amnesty scheme beneficiaries comprise 70pc from Karachi and Lahore
ISLAMABAD: Karachi and Lahore remain at the top of the tax amnesty system because about 70 per cent of those who benefit from the scheme are in the two main cities.
The previous amnesty by the PML-N govt saw approximately 90% of Karachi and Lahore tax amnesty with a share of 60,0% of Karachi and 30% of Lahore. The remainder of Pakistan was amnesty by 10%.
According to the recent asset return 2019, the share of the remainder of Pakistan rose from 10 to 30%, which shows that Karachi and Lahore's shares have fallen in comparison with the recent trial and that the share of other cities in Pakistan has increased. Declarations have been made by small and medium-sized businessmen to take advantage of the recent amnesty system.
There are 80% who used amnesty for national assets and 20% for overseas assets/revenues. Initial assessment by the FBR reveals that a significant number of amnesty beneficiaries declared their immovable assets in 2019. Those who had proclaimed money for amnesty took advantage of the last amnesty of the PML-N government.
The recent amnesty differs, however, in that the amnesty was increased to approximately 10 to 12 main Pakistani cities including Abbottabad, Sialkot, Gujranwala, Faisalabad, Rawalpindi and the other neighbouring cities.
The number of statements for whitening of the black economy's complete assets/profits amounted to 137 000 million Rs. To date, the FBR has collected Rs54,7 billion, while the FBR's system has collapsed and is underway to finalize amnesty collection and revenue collection. The RS 55 billion has now been collected.
The FBR anticipates that the complete amnesty range will reach Rs70 billion. The revenue gathering so far amounts to 3,832 billion Rs, and an added amount of 10 billion Rs is projected to reach Rs 3,842 billion by the end of the fiscal year 2018-19, at an FBR achieved a level in 2017-2018.
FBR chairman Shabbar Zaidi said that the cash collection and numbers on last year would be distributed next week in a speech to that correspondent on Friday. He said the Pakistan Revenue Authority Limited (PRAL) IT system should be revised.
Shabbar also said that he would visit Lahore today (Saturday) and that the information from business and industrial consumer utilities firms would be applied to extend the tax base.