RECORDER REPORT

LAHORE: Commissioner Inland Revenue Dr Irfa Iqbal enlightened that the “Assets Declaration Scheme 2019” aims to broaden tax base and mobilize resources.

She expressed these views while inaugurating the seminar as part of the awareness campaign for “Assets Declaration Scheme 2019”.

Ceremony was organized by Zone-III, Corporate Regional Tax Office Lahore. Additional Commissioner Attique-ur-Rehman and Deputy Commissioner Sana Ghaus were also present on this occasion.

While addressing the ceremony, Dr Irfa Iqbal said that the main objective of this scheme is to initiative measures for the documentations of concede assets against concessionary tax payment. Commissioner Inland Revenue highlighted the attendees about the merit of availing this scheme as well as its implications for the country at large. She also reiterated that people could declare their Benami Accounts and no action would be taken against them.

She explained that no proceedings will be initiated and their name would be confidentially maintained.

Dr Irfa Iqbal explicated that people must avail Assets Declaration Scheme by June 30, 2019 as it is rear opportunity to give legal status to their undeclared assets. The scheme would also document the economy and bring debts assets into the economy. Another perspective presented by her that this scheme has realistic targets with low rates. Moreover, strict rules and regulations will be implemented after the deadline.

She said that the scope of this scheme is extended to Assets, Expenses and Sales. The rate of tax on all assets except domestic immoveable properties is 4%, domestic immoveable properties 1.5%, foreign liquid assets not repatriated 6%, unexplained expenditure 4% and undisclosed sales is 2%, she maintained.