Taxpayers should avail the amnesty scheme offered by Federal Board of Revenue (FBR) by waiving penalties and surcharges on all overdue taxes.

FBR has announced the second amnesty scheme for defaulters to deposit the original amount till June 30, 2011 as an attempt to broaden the tax base but it should extend the last date up to July 15, 2011, Syed Adil Anis, Acting President Islamabad Chamber of Commerce & Industry (ICCI) has made these remarks, in a meeting with Taxation Sub-Committee.

He said that it was difficult for traders to deposit the principal amount till June 30. He urged the Finance Minister, Abdul Hafeez sheikh to extend the date up to July 15, which would help FBR to collect proposed target more successfully because collecting Rs.115 billion in five days seems to be impossible.

He said that the Government needs to look beyond revenue generation and should ensure fairness of tax regime. A significant percentage of the economy remained undocumented and operated outside the net. Proper documentation of all segments of the economy is essential it the Government intended to broaden the tax base and reduce burden in already taxed.

Speaking on the occasion, Munawar Mughal, Chairman Founder Group ICCI said that many shopkeepers have received sale tax registration notices from their respective markets which were unjustified. He said that government should broaden the tax net instead of burdening the exciting taxpayers.