Trade: (Business leader hails new tax amnesty scheme)

ISLAMABAD: Chairman of the United International Group Mian Shahid on Sunday welcomed the tax amnesty scheme announced by the government for non-taxpayers which will help government raise Rs50 billion.

The government had addressed the issue of traders who were not willing to be filers after the announcement of 0.6 percent withholding tax, he said in a statement.

He said the tax relief scheme was long awaited by the business community for which the business community is thankful as such decisions will bring a revolution in economy.

He said this is an important measure for broadening the tax net by ensuring contribution by the evaders and that many other countries also followed such schemes for enhancing their tax revenue.

After the implementation of the tax relief scheme, the income of the exchequer as well as the tax net would increase as this scheme would provide a level playing field to the business community and new investment would flourish.

It was a healthy scheme which will bring the money back from abroad which is necessary for the survival of country bring pushed in debt trap.

He said many traders had also become non-filers because of the complication of the tax regime, and with this scheme they would be comfortable with the tax submission at least for the next three years.

Rejecting the criticism over scheme, he said that tax system cannot be brought at par with the developed economies at once, it is a gradual process which will take time.

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