KARACHI, Aug 11: The Federal Board of Revenue (FBR) is considering allowing Pakistanis to declare their immovable assets held abroad and avail amnesty under the Investment Tax Scheme 2008.

This was stated by FBR’s Member (Direct Taxes) Irfan Nadeem in a meeting with Income Tax Bar Association Karachi (ITBAK) members on Monday at the bar chamber of the Regional Tax Office.

He said in the last circular with regard to tax amnesty scheme 2008, the government also included liquid cash (foreign exchange) held by Pakistanis aboard in the whitener scheme by paying two per cent tax.

Irfan asked the bar members to help promote the amnesty scheme which is valid up to Dec 31.

Referring to the points raised by the ITBAK President Abdul Qadir Memon, he said that a small team of tax consultants be formed to sort out anomalies.

Irfan Nadeem assured the tax bar members once they sit together, all their complaints would be resolved in a day or two.

There was a strong demand from bar members to extend the last date for filing of tax returns by one month because this year Ramazan also falls in the month of September.

The bar members also pointed out that tax return forms were not available which may cause delay in preparing returns.

Irfan Nadeem said minor changes are being made in tax returns, but assured that they would be soon made available.

It was also pointed out that tax collectors were not following the audit criterion agreement.

The member FBR asked the tax consultants to put up such cases before the DG RTO for an appropriate action.

The member direct taxes asked the bar members to give suggestions to help broaden the tax net and also improve tax-to-GDP ratio which stands lowest in the region.

Most of the members demanded inclusion of agriculture in the tax net and there was also a strong demand that since there were over 40 million cell-phone subscribers, they could also be included in the net.