ISLAMABAD: The deadline for the government’s Asset Declaration Scheme has been extended till July 3, announces Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh on Sunday.
The federal government had introduced the Asset Declaration Scheme in May, whose deadline comes to an end today. However, Prime Minister Imran Khan has hinted at extending the deadline of the assets declaration scheme, and Shaikh, announced the extension to the deadline in a press conference here at the federal capital. The deadline will not be extended further, added Shaikh.
Federal Board of Revenue (FBR) chairman Shabbar Zaidi while speaking to the media on Saturday had said no extension will be given in the scheme after today’s deadline, as opposed to speculation rife in social and mainstream media.
The FBR chief initially discarded rumours that have been circulating for the past few days, confirming that “there would be no extension in the amnesty scheme”.
The FBR has issued instructions to its subordinate offices to remain open today and observe extended working hours till eleven in the night. The step has been taken to facilitate the taxpayers in payment of duties and taxes and filing of the income tax returns.
Speaking with the state broadcaster, Pakistan Television (PTV) Finance Adviser Abdul Hafeez Shaikh the aim of the Asset Declaration Scheme was to motivate people to document their assets.
It was imprudent to remain in continuous tension for saving a meager amount required to whiten the undeclared assets, Shaikh said.
Enhancing tax collection was imperative to carry forward the development work in the country and deplored that Pakistan was having lower tax to GDP ratio in the region, added Shaikh.
Whosoever earns outside and pays taxes there, his or her money is already whitened and does need not to avail the Asset Declaration Scheme, the adviser clarified.
“Any Pakistan who earns here and makes assets outside the country would have to whiten the money,” Zaidi added.
Remittances were legal money and need not be whiten through Asset Declaration Scheme, he further clarified.
“The money should be transacted through banking channels to have money trail,” he added.
With input from APP.