20000304CBR to hold seminars on tax amnesty scheme

RECORDER REPORT

ISLAMABAD: The Central Board of Revenue has decided to hold seminars on the recently announced tax amnesty scheme, it was learnt on Friday.

The purpose of the seminars is to create awareness among the people, how to benefit from the scheme.

The seminars would be addressed by Member Income Tax, Mansoor Ahmed and Member Sales tax Sarfraz Ahmed Khan and by the respective regional commissioners of Income Tax.

The government has announced this scheme for hidden income and undisclosed assets which can be regularised by paying 10 percent tax.

The last date for utilising the scheme is April 30, 2000 and the assets declared under the scheme will not be liable to wealth tax for preceding years and will also be exempt for the next five years.

The first seminar of the series is likely to be held in Faisalabad on March 6.

This new scheme will not cover those persons against whom proceeding are pending under the National Accountability Bureau Ordinance, 1999.

The CBR has issued four page form of declaration of undisclosed income along with the income tax circular. The form comprises name and style of business; NIC No; business and residential addresses; phone number; income, income year in which income earned, assessment year, tax paid; particulars of undisclosed income or assets in each assessment year or in consolidated form, details of moveable and immoveable property and verification; moveable property (cash, bank deposits, bonds, shares): description of property, name of bank and account no, relevant income year, amount, value as per rule 12 (This rule relates to valuation of assets); moveable property (jewellery, gold, bullion and jewellery, other than gold): description of property, weight, income year in which acquired, value as per rule 12 and tax paid; moveable property (plant and machinery, stocks, in trade and any other assets) : description of property, income year in which acquired, value as per rule 12 and tax paid; moveable property (other assets): description of property, make and type, registration no, income year in which acquired, value as per rule 12 and tax paid; immoveable property: description of property, location and identification no of property, income year in which acquired, commercial residential, size of plot etc, covered area, valuation as per rule 12 of the scheme, tax paid; expenditure, income year in which expenditure incurred, amount and tax paid; verification and declaration along with challan, pay order or bank draft.