Tax Investment Scheme for declaring black assets

[LRE]

Tax Investment Scheme for declaring black assets

Updated at: 1500 PST, Monday, June 30, 2008

ISLAMABAD: Federal Board of Revenue (FBR) is all set to announce today Tax Investment Scheme facilitating declaration of black assets.

Senior journalist, Hanif Khalid said that all those seeking benefit from this scheme for whitening their black money would have to declare their assets this year from July 1 to December 31. The governments in the past also had introduced such schemes, but this time the lowest i.e. only 2 percent of the amount of total assets as final tax payment has been allowed. Source of income would also not be asked to reveal under this scheme and the existing taxpayers also could avail of the benefit of this scheme.

http://www.geo.tv/6-30-2008/20080.htm