Tuesday, June 25, 2019 | ePaper

Imran asks citizens to declare their assets by June 30

  • Print


Pakistan's Prime Minister Imran Khan speaks at a news conference.

PTI, Islamabad :
Pakistan Prime Minister Imran Khan on Monday warned of legal action against those who do not declare their undisclosed assets by June 30, as the cash-strapped government ramps up efforts to fix the country's economy.
Addressing the nation ahead of the federal budget for fiscal year 2019-20 to be announced Tuesday, Mr Khan said. "We will need to change ourselves if we want to become a great country."
"I am appealing to all of you to take part in the Asset Declaration Scheme that we have brought, because if we don't pay taxes, we will not be able to raise our country up," Mr Khan said.
The premier said that people have until June 30 to declare their benami assets, benami bank accounts and money that was kept abroad.
Benami is a term used for a transaction, contract, or property that is made or held under a name that is fictitious or is that of a third party who holds as ostensible owner for the principal or beneficial owner.
"After June 30, you will not get this opportunity," he said.
"Our agencies have information about who has benami accounts and benami properties," the premier said.
"This was never available to us before therefore take advantage of this scheme. Give Pakistan the benefit. Fix your children"s future. [Give us] the chance that we get this country to stand on its own two feet and take people out of poverty," he said.
"My Pakistanis, in the past ten years Pakistan"s debt went from Rs. 6,000 billion to Rs. 30,000 billion," he said.
Mr Khan said that the damage that this had caused to the country was that the annual tax collected was approximately Rs. 4,000 billion, half of which went towards repaying loans "they" had taken.
"This country cannot cover its expenses on the money that is left behind," he added.
Pakistan recently reached a preliminary agreement with the IMF for a $ 6 billion bailout.
"Pakistan is the country that unfortunately gives the least tax in the world but is among the few countries that give the most charity."
"This is the country that has [the] capability and if passion comes in, we can at the very least gather Rs10,000 billion every year," the premier said.
In May, the Pakistan Tehreek-e-Insaf government had announced its first tax amnesty scheme - Asset Declaration Scheme - for whitening of undisclosed expenditures, sales and assets, including foreign assets, at nominal tax rates.
The scheme came into effect through a presidential ordinance, which will offer a period of 45 days to people for declaration of their undeclared assets, expenditures, and sales along with payment of taxes until June 30 this year.
The scheme, approved by the federal Cabinet during a meeting presided over by the premier, has five main pillars - scope, default surcharge, exclusions, tax rates and conditions.
Unlike the past schemes, no revenue realisation projection was made on the plea that it is meant for allowing the grey economy"s inclusion in the tax net, Dawn newspaper said.
The government plans to present an austerity-oriented budget with no increase in the salaries of army officials of higher ranks.

More News For this Category

Memes, cartoons and caustic Cantonese: the language of Hong Kong's protests

Memes, cartoons and caustic Cantonese: the language of Hong Kong's protests

AFP :Viral artwork pummelling city leaders, clever word plays and Cantonese cursing that would make a sailor blush-Hong Kongers have displayed a characteristically riotous embrace of satire during their huge

Vietnam jails US national for 'state overthrow plot'

Vietnam jails US national for 'state overthrow plot'

A court in Vietnam has sentenced a US citizen to 12 years in prison after finding him guilty of attempting to "overthrow the state".Michael Phuong Minh Nguyen, 55, had admitted

Saudi women use wedding contracts to assert right to drive

Saudi women use wedding contracts to assert right to drive

AFP, Dammam :Saudi salesman Majd had just begun his wedding preparations when his fiancee sought to enshrine in their marriage contract a condition already guaranteed by law-her right to drive.Wedding

Iran denies US cyber attack ahead of new sanctions

Iran denies US cyber attack ahead of new sanctions

AFP  :Iran denied Monday it was hit by a US cyber attack as Washington was due to tighten sanctions on Tehran in a standoff sparked by the US withdrawal from

Mike Pompeo Arrives In Saudi Arabia For Iran crisis talk

AFP, Jeddah: US Secretary of State Mike Pompeo arrived Monday in Saudi Arabia for talks on coordinating with the close ally amid mounting tensions with Iran.Pompeo is expected to meet

Turkey opposition deals blow to Erdogan in Istanbul win

Turkey opposition deals blow to Erdogan in Istanbul win

AFP  :Turkey's opposition revelled Monday in a landslide win in Istanbul's re-run mayoral vote-a blow for President Recep Tayyip Erdogan that even some pro-government media called a victory for democracy.Ekrem

Trump's son-in-law's economic plan for ME peace faces Arab rejection

Trump's son-in-law's economic plan for ME peace faces Arab rejection

Reuters, Riyadh :US President Donald Trump's economic vision as part of the wider plan to resolve the Israeli-Palestinian conflict was met with contempt, repudiation and exasperation in the Arab world,

UK's Boris Johnson under pressure to explain domestic 'row'

UK's Boris Johnson under pressure to explain domestic 'row'

Boris Johnson, the strong favourite to become Britain's next prime minister, came under pressure from figures in his own party on Sunday to explain reports of a domestic 'row' that

North Korean leader receives 'excellent' letter from Trump: KCNA

North Korean leader receives 'excellent' letter from Trump: KCNA

AFP, Seoul :North Korean leader Kim Jong Un received a personal letter of "excellent content" from US President Donald Trump, the country's state media said Sunday, amid a nuclear deadlock

US conducted cyber attack on Iran in response to drone downing: Report

US conducted cyber attack on Iran in response to drone downing: Report

The United States launched cyber attacks against Iranian missile control systems and a spy network after Tehran downed an American surveillance drone, according to US media reports.US president Donald Trump