KARACHI: Pakistan Real Estate Investment Forum (PREIF) has urged the federal government for at least 15-days extension in the amnesty scheme to achieve the required goals.

PREIF general secretary Shaban Ealhi in a statement said on Friday that initially there were some concerns about the Amnesty Scheme-Government of Pakistan Foreign Assets (Declaration and Repatriation) Act 2018 and the Voluntary Declaration of Domestic Assets act 2018, and a number of Pakistanis particularly overseas Pakistanis were reluctant to avail the scheme.

However, the federal government initiated amnesty awareness campaign in the second week of June and now the people are willing to declare their hidden assets to become a tax payer.

“Chairman Federal Board of Revenue (FBR) along with officials of State Bank of Pakistan (SBP) had recently visited Federation House and Karachi Chamber of Commerce for awareness on the amnesty and concerns on the amnesty have been ended after open session by the chairman FBR with business community”, he added.

Shaban said even procedure for investment in Government of Pakistan US Dollars Denominated Amnesty Bonds, 2018 under the tax amnesty scheme 2018 was announced on June 23, just one week before the deadline. Therefore, there is need to announce two to four weeks extension in the tax amnesty scheme to facilitate the prospective declarant, he demanded.

It is being expected that government may miss revenue and other targets, if the date not extended, he said.—PR