Lahore – Lahore chamber of Commerce and industry has called on the Federal income to expand the date of the last tax Amnesty scheme till August 31 this year. In the letter, the LCCI President Irfan Iqbal Sheikh said that the economy is going through a difficult phase in the beginning of the pandemic COVID-19. Business in all segments are struggling and facing huge financial losses due to violations in business activities. He said that although the FBI said that the deadline for payment of arrears OS schema Declaration 2019 will not be renewed after June 30, 2020, but owing to the severe liquidity crisis, there is a need to extend this period until 31 August 2020. He said that this expansion will be a good step to ease the pressure on the economy, as it will create additional revenue for the government and businesses can declare their assets or income, and they’re not asked about their source. “The extension of tax Amnesty schemes 2019, in combination with awareness campaigns, can help the greatest number of entrepreneurs to take advantage of this initiative,” the LCCI, the President said and added that this scheme is beneficial both for the state and the business community, as it will contribute to the documented economy besides giving to make people the opportunity to legalize their undeclared assets. “We have always demanded higher taxes and lower tax rates. We expect that this scheme tax Amnesty will go a long way in achieving the desired results. TAS will help the expansion of the tax net and will reduce the burden from existing taxpayers,” he said.
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