MABAD - Federal Board of Revenue has collected Rs 860 million of tax revenue from the whitening of Rs 43 billion black money and undocumented businesses under the government's amnesty scheme since July 1 this year.
Wednesday is the final day of this scheme and there would be no further extension in this scheme. The people who had black money and undocumented businesses had paid tax at the rate of 2 per cent on it under the scheme.
The sources in the FBR told that still one day (today) is left in this scheme so we could not say that the given figures are final and it would be released after 1st of January.
The government had announced this scheme in the federal budget for the fiscal year 2008-09 providing an opportunity to the black and illegal money holders to get registered themselves in the tax net.
The scheme was initiated for the first quarter (July- September 2008-09). However, the tax authorities have extended the final date till December 31 this year to earn more revenues from the scheme.
Under the scheme, the existing as well as new taxpayers could benefit by disclosing their black money, including moveable and immovable assets.
FBR had provided an opportunity for the black money and undocumented businesses to whiten their income and regulate their business. The main objective of this scheme is to broaden the tax net and it is based on Egyptian and Turkish models, where such amnesty schemes worked successfully.