LAHORE June 25 (INP): Punjab Caretaker Minister for Finance, Excise and Taxation, Zia Haider Rizvi has said that the Tax Amnesty Scheme 2018 is a golden opportunity for businessmen because the upcoming international laws will nullify all undeclared asserts. Zia Haider Rizvi said that being a lawyer, he will suggest the business community to get the benefit from the Amnesty Scheme. He expresses these views while addressing a meeting at Lahore Chambers of Commerce and Industry (LCCI). Chairman Federal Board of Revenue Tariq Mehmood Pasha, President LCCI Malik Tahir Javaid, and Vice President Zeshan Khalil, Former LCCI president Mian Muhammad Ashraf, former Vice President Kashif Anwar and Executive Committee members were also present at the occasion. The Provincial caretaker Minister for Finance, Excise and Taxation said that our mandate is free and fair Election only. Minister said that we the caretaker Government can just repair the system we can’t change anything. Elected Government and bureaucracy are responsible in this regard. While addressing the ceremony, chairman FBR Tariq Mehmood Pasha said that the Tax Amnesty Scheme 2018 is last chance to legalize undeclared assets therefore it must be availed by the business community .He urged the business community to avail benefits of Tax Amnesty Scheme 2018 as it is a last chance to legalize undeclared assets. He said that it would increase tax revenue, enhance foreign exchange reserves, reduce the current account deficit, improve balance of payments, bring foreign capital to Pakistan and enhance economic activities. Tariq Mehmood Pasha said that business community is the major part of economic system and it should be given respect and honor by the tax collection machinery. He [timed-content-server show="06/25/2018 23:50 Asia/Karachi"]said that issues of refunds are being resolved swiftly. He said that this year Sales Tax Refunds of Rs.102 billion have been paid against Rs. 54 billion in last year. He said that the issue of Sales Tax Refunds will be abolished within two years. Because of lack of resource, collective payment of Income Tax and Sales Tax Refunds is not possible but definitely there is a good improvement. About alternative Dispute Resolution Mechanism, Tariq Mahmood Pasha said that the list will be prepared by FBR while representatives will be chosen by the business community and all stakeholders will be bound to accept the decision of the committee. He said that repeated audit were causing difficulties for the business community but now only one audit will be held in three years. This move will help get rid of the misuse of discretionary powers by the tax machinery. He said that Regulatory Duty has been reduced or abolished on various items in the recent budget. He said that import of those items should be discouraged that are being produced locally. President LCCI, Malik Tahir Javaid said that the LCCI welcomes Tax Amnesty Scheme 2018 which allows legalizing undeclared assets by paying income tax from 2% to 5%. The government should extend its deadline for at least one month. He said that the policy of imposing regulatory duties even on the items which are not produced locally has made local production unviable. There should be no regulatory duty on raw materials which are not available in Pakistan. The LCCI President said that there are different rates of sales tax for traders, manufacturers and commercial importers etc., which creates certain ambiguities. We propose that there should be uniform percentage of sales tax for all. He said that there is a dire need of harmonization among the provincial and federal tax collecting agencies. Due to double taxation, the members of business community face a lot of issues. He said that the number of taxes and frequency of paying taxes should be reduced. The system of the tax department should be reformed to encourage the new tax payers. Malik Tahir Javaid said that withholding Tax on Cash Withdrawal was fully opposed by Lahore Chamber and it should abolish on emergent basis. “We propose that all the backlog of refunds should be cleared within two months upon the filing of return. The meetings for determination of Customs Valuation should also be arranged in Lahore while empowering the Collectorate Office with an authority to take independent decisions”, Malik Tahir Javaid suggested and said Alternative Dispute Resolution Mechanism should be strengthened by FBR as it is inexpensive, swift, and also eliminates possibility of rent seeking. The LCCI President said that some manufacturers supply cigarettes without paying any kind of taxes to the markets at much lower price which discourages the formal sector of economy. FBR must take action against them as it is a loss to national exchequer as well.[/timed-content-server]