Federal Cabinet approves Asset Declaration Ordinance

Tax Amnesty Scheme

Advisor to Prime Minister on Finance Dr. Abdul Hafeez Shaikh says asset declaration scheme will help encourage people to disclose their hidden assets legally by 30th of next month.

Addressing a press conference in Islamabad this afternoon, he said every Pakistani is eligible to become part of the scheme, but public office holders and their dependents will not be able to benefit from it.

Under the scheme, if a person brings his undeclared wealth to Pakistan from abroad, he will have to pay four percent fee on that amount, but he has to deposit it in a bank account. If he decides to put this money abroad, the penalty imposed will be six percent.

He said baynaami accounts and real estate can also be legalized under the scheme.

He said effort has been made to implement the scheme seamlessly and it has been kept realistic.

Replying to a question, he said 16 billion rupees will be earmarked in next budget to subsidize the consumers using electricity upto 300 units a month. He said the budget of BISP will be increased to 180 billion rupees to help poor segments of society.

Advisor to PM on Finance said those who are criticizing the decision of going to IMF have themselves gone to the fund in the past.

He said in order to increase the performance of FBR, several crucial decisions are being made with new FBR chairman and renewed resolve of the government.

Answering a question, FBR Chairman said information retrieved from 1,50,000 accounts in 28 countries of Pakistani citizens will also be used to bring the undocumented economy to the system.

Giving a briefing in Islamabad this afternoon on decisions taken by the federal cabinet, Special Assistant to Prime Minister on Information and Broadcasting Dr. Firdous Ashiq Awan said the cabinet formally approved the Asset Declaration Ordinance, which will be enforced after getting President’s assent.

She said the cabinet was informed that billions of rupees were spent in international litigations from national exchequer that increased from 6 million dollars in 2016 to 45 million dollars this year. She said 100 million dollars as fee has been paid during the last five years while 10 million dollars are to be paid this month in international legal fees. The Prime Minister directed Attorney General of Pakistan that all ministries should carefully do their homework before signing international agreements in order to avoid legal troubles.

Dr Firdous Ashiq Awan said Prime Minister Imran Khan also directed to evolve a long term policy in coordination with provinces to control inflation in the country. He said the cabinet approved taking measures for the facilitation of Pakistani citizens detained abroad on various charges. She said the Prime Minister directed to bring back Pakistani citizens from Malaysia after arranging required funding for that purpose. She said the cabinet also directed establishment of low-priced bazars and availability of essential items at Utility Stores to facilitate common people during Ramadan.

Dr Firdous Ashiq Awan said approved appointment of Major General Umar Ahmed Bukhari as Director General of Rangers in Sindh.

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