Lahore: The Lahore Chamber of Commerce and Industry (LCCI) has urged the Federal Board of Revenue (FBR) to extend the deadline of the Tax Amnesty Scheme until August 31, according to a news source. LCCI President Irfan Iqbal Sheikh made this request in a letter dispatched to the FBR.
He further emphasised on the challenges of doing business during the current COVID-19 pandemic. He added that the overall economy is going through a difficult phase and businesses are suffering huge losses.
The FBR had previously stated that it would not extend the deadline beyond June 30 as per the Asset Declaration Scheme 2019. Sheikh clarified his position that this deadline should be extended to August 31, in light of the current situation. The LCCI President added that this provision would benefit both businesses and the government. Sheikh explained that this extension of the Tax Amnesty Scheme deadline would relieve pressure on the economy and help promote documentation; giving people the opportunity to legalise their undeclared assets.
