More than 95,000 people have registered their undeclared assets so far with the Federal Board of Revenue by availing the Asset Declaration Scheme, which will be available until Wednesday (Today) July 3, Chairman Federal Board of Revenue (FBR) Syed Shabbar Zaidi told APP.
Chairman FBR informed APP that he was optimistic that the Asset Declaration Scheme would be successful, however, he once again clarified that the deadline for the scheme would not be extended further.
“The Asset Declaration Scheme provides a golden chance to people to declare their undeclared assets by paying a little amount of tax on,” the Chairman said.
He says that tax-filing is the responsibility of every citizen to ensure growth and development of the country, adding that through new initiatives, the government had eliminated the concept of non-filers in the tax system and henceforth it would be hard for any citizen to remain out of the tax-loop now.
Zaidi said that documenting the national economy was the top priority of the government. He said that the FBR had already obtained data of properties and assets of people and that is also available on FBR’s web portal, which can be accessed by any interested person.
Replying to a question regarding reforms in FBR, he said that the government wanted institutional reforms in the board and a strategy had already been devised to modernize the functions of FBR.
“We want to change the whole structure of FBR to improve the taxation system for broadening the tax base,” the Chairman remarked.
Shabbar Ziadi said that automation in FBR was the need of the hour and the government wanted less human inference in the tax system by utilizing modern technology to strengthen its transparency and accountability system.