LAHORE: Federal Board of Revenue Chairman Tariq Mahmood Pasha said on Monday that the tax amnesty scheme is designed to give legal protection to the business community on a sum of a low tax rate.
Speaking in a ceremony, the FBR Chairman said that under the scheme the businesses will be audited once in three years.
Pasha claimed that the FBR has listed down undocumented properties and investments and from September 1 it will start sharing information of the capital with as many as 102 countries.
The deadline of filing assets under tax amnesty scheme is till June 30.
“Foreign assets will taxed two percent while the local assets will be taxed five percent under the scheme,”a FBR official had earlier said.
The FBR spokesperson said that no criminal can take advantage from the scheme and it is not for the people holding public office, he added that its premature to say anything on the revenues from the scheme.