People must avail Assets Declaration Scheme by June 30, as it is a rare opportunity to give legal status to their undeclared assets. The scheme would also document the economy and bring dead assets into the economy.This was the upshot of the speeches delivered at a seminar on "Assets Declaration Scheme" jointly organized by the Lahore Chamber of Commerce & Industry and Federal Board of Revenue at the Lahore Chamber.

Commissioner Inland Revenue Dr Erfa Iqbal, LCCI President Almas Hyder, Senior Vice President Khawaja Shahzad Nasir, Additional Commissioner Attique-ur-Rehman, Deputy Commissioner Sana Ghous and other experts addressed the different sessions of the seminar and spoke highly about the different aspects of "Assets Declaration Scheme 2019".

The experts were of the view that the scheme has realistic targets with low rates. People should participate in the legal economy by becoming part of this scheme until June 30. Commissioner Inland Revenue, Federal Board of Revenue Dr Erfa Iqbal said that philosophy behind the plan is not to intimidate people but to encourage them to participate in the documented economy.

She said people will have the opportunity to become part of the scheme until June 30. Every Pakistani citizen will be able to avail the scheme except for people who have held a public office and their dependents. She said that people should take full advantage of Assets Declaration Scheme. Any undisclosed assets, undisclosed sales and undisclosed expenditure, held of acquired up to June 30, 2019 can be declared under this scheme.

LCCI President Almas Hyder said that the objective of holding this seminar is to make our members aware of the benefits of Asset Declaration Scheme and the consequences of not declaring their assets till June 30, 2019. He said that strict rules and regulations will be implemented after June 30, 2019 therefore businessmen must avail this scheme.

He said that a desk of Federal Board of Revenue has been established at the Lahore Chamber to provide guidelines about this scheme. He said that LCCI has always demanded for broadening the tax net and lowering down the tax rate to adequately meet the target of tax collection.

"We expect that this Scheme will go a long way in achieving the desired results. It goes without saying that tax authorities have to improve their image as well. Lahore Chamber encourages its members to be tax compliant and carry out their liabilities responsibly", Almas Hyder added. Earlier, Deputy Commissioner Sana Ghous gave a detailed presentation on Assets Declaration Ordinance 2019.

Copyright Business Recorder, 2019