FBR collects Rs11.5bn in attempt to broaden tax net

Thursday, July 03, 2008 By Mehtab Haider ISLAMABAD: Tax authorities collected Rs11.5 billion at the rate of 10 per cent with the help of the last amnesty scheme for money whitening introduced by the Musharraf-Aziz regime. But the FBR has now launched a new scheme at the rate of 2 per cent, in order to encourage people to declare their income. “We have studied two to three different models and finally decided to come up with a 2 per cent rate for money-whitening scheme,” Member Direct Taxes, Usman Khalid, told The News here on Wednesday. He said that the FBR aimed to broaden the tax base by offering maximum incentives to attract people for declaring their income and come under the tax net. The return filers were increasing at the rate of 16 to 20 per cent per annum and with the help of the new scheme, it was expected that the... [read full story]