Amnesty Scheme helped in generating massive revenue
Amnesty scheme indeed increased the revenue of the state, but it is not a long term solution.
(WebDesk/Dunya News) - Tax Amnesty Scheme proved to be a success; it can be called a landmark of PML-N’s government which it initiated at the last moment of its period. According to Dunya News sources, till this time, the government has gained more than Rs100 billion. This scheme indeed encouraged many to become the part of tax net and assisted the government in increasing revenue. June 30, today, was the last date and keeping in view the amount collected, it can be called a prolific project.
Also read: Pakistan s tax amnesty scheme may increase revenue base: Moodys
Extension will prove beneficial
According to experts, the extension in this scheme can be done on the basis of Indonesia. It is only the president that through ordinance can extend its date. After extension, one percent increase in the rate of tax would be made after every month. If an extension is made, the rate of tax on national assets would be eight percent while on international assets it will be six percent. This increment will be beneficial for the country at large.
Also read: Business community urges extension in deadline for tax amnesty scheme
Kamran Khan in this program “Dunya Kamran Khan Ky Sath” explores the benefits of this scheme. This scheme can get success to manifold if extension is made in its date. Renowned tax expert Shabbar Zaidi explains how this scheme has benefitted the government and eased up the process of tax collection.
This scheme is primarily for the purpose of increasing the tax net and giving a chance to the people who had black money reserved and were waiting for having it white, or in other words legalized. According to Tariq Mehmood Pasha Chairman FBR, it is the last chance to declare secretive assets. On the other side, acting Finance Minister Shamshad Akhtar is of the view that the government is acting on the policy of making this scheme prosperous and wants more and more people to benefit from it.
Also read: Tax Amnesty Scheme receives overwhelming response: Spokesman FBR
Amnesty scheme truly is a chance to revive tax culture
This scheme was pursued keeping in view the low number of tax-filers. Out of 207 million people, there are only 1.2 million who are paying taxes habitually. Unfortunately, the government had to initiate this scheme and give numerous benefits, especially in the shape of reduction on rate of tax, to businessmen and tycoons all around the country. In countries where people pay taxes on time, there has never been the need to initiate any such scheme.
