After deadline it will be difficult to hide assets, higher rate of tax, heavy fine may be imposed: CRTO Chief Commissioner
By Jahangir Hayat
LAHORE: The taxpayers will not be able to avail concessional benefits of the Assets Declaration Ordinance (ADO) and in the wake of implementation of Benami Act, 2017 it would be difficult to hide those assets not declared under the Amnesty Scheme.
This was the crux of the Assets Declaration Scheme Conference Federal Board of Revenue (FBR) Corporate Regional Tax office Lahore held for the capacity building of the members of Lahore Economic Journalists Association at the CRTO Lahore on Thursday.
“It is one very beneficial opportunity for the taxpayers to declare undeclared assets by paying the minimum most tax and register themselves in the national economy. After the June 30, the Board may have to take measure to trace the black money and assets that may be coercive and invite heavy tax rate with penalties” CRTO Chief Commissioner Muhammad Nadeem Rizvi informed the economic journalists.
Syed Nadeem Hussain Rizvi, Chief Commissioner Inland Revenue, Corporate RTO, Lahore in order to appraise the salient features of the Assets Declaration Scheme, 2019 to the members of Lahore Economics Journalists Association and members of Lahore Press Club.
The Commissioner Inland Revenue, Syeda Naureen Zahra and Commissioner Inland Revenue, Jamshaid Fakhri Dahir dilated upon the fixtures of the Assets Scheme and requested the participants to enlighten the public through print and electronic media so that confidence of taxpayers may be enhanced towards the voluntary compliance of the Scheme.
Commissioner Inland Revenue, Jamshaid Fakhri Dahir said that that after expiry of the time frame given in the Scheme i.e. June 30, 2019 the taxpayers will not be able to avail concessional benefits of the Scheme and in the wake of implementation of Benami Act, 2017 it would be difficult to hide those assets not declared under the Amnesty Scheme.
He said that amnesty can be availed even if proceedings under the taxation laws are initiated, pending or finalised.
He said that any omission, declaration can be revised within due date. However the value of assets & tax payable thereon will not be less than original declaration.
“Name of the legal owner & benamidar will also to be declared. Where Income Tax return has not been filed, the declarant shall file return for tax year 2018, wealth statement or financial statement as the case may be along with the declaration,” the CRTO focal person said.
Syeda Naureen Zahra said that such assets including any asset, sales or expenditure where proceedings have attained finality the holders of public office, a public Company, proceeds or assets derived from criminal offence, gold and Precious Stones, Bearer prize Bonds, securities, shares, certificates, bonds or any bearer asset and proceedings pending in any Court of Law will not be covered under the scheme.
The conference was convened by the Commissioner Inland Revenue, Syeda Naureen Zahra and her team members comprising, Ch. Zafar Iqbal, Additional Commissioner-IR, Ms. Amra Sarwar, Additional Commissioner-IR, Umer Zeb Khan, Dy. Commissioner – IR, Ms. Narjis Shaheen Ali Khan, Dy Commissioner –IR, Ms. Zainab Asad Munir, Dy. Commissioner – IR, Farrukh Aslam, Assistant Commissioner – IR, Kashif Mehmood, Inspector & Syed Imran Raza Zaidi, Inspector. Detailed power point presentation was presented by Assistant Commissioner – IR Farrukh Aslam. Afterwards, question / answer session was held wherein the participants took keen interest and various questions were asked with reference to ambiguities arising related to Declaration of Assets Ordinance, 2019.