Prime Minister Imran Khan addressed the nation today and emphasized on the importance of the Asset Declaration Scheme. He urged the nation to make the most out if this scheme and declare all their assets before the expiry date of 30th June.
He said that the country is in a debt trap because of the corruption of the former governments and it needs the support of the nation to get off that trap. He assured that unlike the previous government, this one is not corrupt. He said, “You don’t need to worry about corruption because we won’t spare the corrupt. The real challenge is to stop tax evasion, which is not possible without your support.”
He further said that “This is a golden opportunity for you, the scheme allows you to declare all your assets in the country and abroad, including gold, dollars and other unknown assets,”
He added that the FBR has details of all the assets and to avoid any legal action, people must avail the scheme which would also help the government to resolve the current challenges. With the massive revenue collection goals planned for the next year, PM Khan is positive to get rid of the financial problems of the country.
PM Khan also mentioned the latest portal developed by FBR in collaboration with NADRA through which people can access the revenue data. (https://taxnet.nadra.gov.pk)
Since that announcement, government representatives including Finance Adviser, FBR Chairman and Chairman for Standing Committee – Finance have requested multiple times to avail this chance of asset declaration.
The scheme was drafted on the request of the representatives of Karachi Chamber of Commerce and was authorized by President Arif Alvi. Under the scheme, assets within the country and abroad (except for real estate) can be whitened at a rate of four 4%. The whitened cash will have to be kept in Pakistani bank accounts. For those wanting to keep their whitened money abroad, will have to pay 6%. The scheme is valid for a period of 45 days and will expire on 30 Jun 2019.