President Dr Arif Alvi promulgates Asset Declaration Scheme 2019 Ordinance


President, Dr Arif Alvi, promulgates, Asset Declaration Scheme 2019, Ordinance
15 May, 2019 10:18 am

ISLAMABAD (92 News) – President Dr Arif Alvi signed and promulgated the Asset Declaration Scheme 2019 Ordinance on Wednesday.

The scheme will be applicable till June 30. According to the ordinance, hidden property can be clarified after paying 1.5 percent tax at the FBR rate.

On Tuesday, the federal cabinet chaired by Prime Minister Imran Khan approved the new amnesty scheme introduced by the government.

Under the scheme, the secret plot and property will be cleared after paying one percent as tax. Moreover, four percent tax will have to be paid on the black money to get clarified. Foreign assets can be legalized to after paying 6% tax.

The law will be applicable through the presidential ordinance.

Under the scheme, prize bonds and bearer certificates cannot be cleared. Only registered and declared bonds and certificates will be considered white money.

The benefit gained would be nullified after a false statement is proved. Under the scheme, the particulars of the people declaring their assets would not be made public. Before declaring the bond certificates, foreign assets must have to be declared. The money in foreign banks will have to be deposited into a bank.

After June 30, two percent tax will be levied after paying two percent, while it will be four percent after December 31. However, three percent tax will be levied on amounts of sales.

The money clarified under the amnesty scheme cannot be shifted or gifted to any public office holder.

Tax amnesty scheme can be availed till June 30: Hafeez Shaikh

Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh has said that the tax amnesty scheme can be availed till June 30.

Addressing a press conference on Tuesday, he said that local and foreign hidden assets can be disclosed after paying four percent interest. “An interest of six percent will have to be paid for disclosing amounts abroad,” he announced.

Hafeez Shaikh said that public office holders and their families will not be able to benefit the scheme. “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. If he decides to put this money abroad, the penalty imposed will be six percent.”

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

Replying to a question, Hafeez Shaikh said that Rs 16 billion would be earmarked in the next budget to subsidize the consumers using electricity up to 300 units a month.

He said the budget of BISP will be increased to Rs 180 billion to help the poor.

Adviser to the PM on Finance said that those who were criticizing the decision of going to the IMF have themselves gone to the fund in past. “In order to increase the performance of the FBR, several crucial decisions are being made with new FBR chairman and renewed resolve of the government,” he said.


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