FBR likely to extend Asset Declaration scheme deadline

ISLAMABAD: The Federal Board of Revenue (FBR) is likely to extend the Asset Declaration Scheme deadline by three months as it struggles to get desired results, sources said on Friday.

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Prime Minister Imran Khan, on Thursday, hinted at extending the deadline of the assets declaration scheme, indicating that a new programme may be introduced in the next 48 hours.

The scheme is likely to get an extension so more and more people can benefit from it, said sources.

Meanwhile, the FBR spokesperson said that there will be no extension in the scheme.

Currently, the deadline of the assets declaration scheme is June 30 and the Premier has repeatedly stressed that there would be no extension in the deadline.

Speaking with the state broadcaster, Pakistan Television (PTV), about the assets declaration scheme, the PM said the people believe that their tax payments would be wasted, which is why his government was making efforts to help the public realise their money would only be spent on them.

PM said, “if the people do not pay taxes, we would be unable to pull ourselves out of this quicksand of loans. We need to work together to pull our country out of this quicksand of loans.”

He added, “if the public wishes, we can easily collect taxes worth Rs8 trillion. It is now up to the people to decide if we want to work together to help the country sustain itself.”

PM reasoned, tax culture could not take off due to prior leaders, adding that Pakistan’s biggest problem was corruption, which leads to inflation and unemployment.

PM noted that corruption also ruins the state institutions, a country can only progress when its leaders are under the law. “A ruler who engages in corruption forces its state institutions into destruction.”

PM went on to say when the ruling elite refrain from paying taxes, everyone does the same. However, when the leader is answerable, then there is a prevalence of law in the country.

PM said former corrupt leaders destroyed the FBR, leading to dents to the small and medium industries. “Condition would not improve if we do not allow the business community to make money.”

PM noted, “we need to uplift our business community. Our government would be business-friendly.”

PM realised that as of now, people do not trust FBR, and, therefore, there needed to be a weeding process in the body as well as reforms.

PM said if FBR is not fixed, then there won’t be any money left to run the country. mentioning that he would work together with the governmental body’s chairperson Shabbar Zaidi to bring in reforms.

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