Asset Declaration Scheme deadline extended till July 3: Hafeez Sheikh

ISLAMABAD: Adviser to Prime Minister on Finance, Dr Abdul Hafeez Shaikh on Sunday announced that federal government has decided to extended the deadline of Asset Declaration Scheme till July 3, ARY News reported.

He announced the decision while addressing a press conference in Islamabad along with Special Assistant to Prime Minister on Information Firdous Ashiq Awan and Federal Minister for Revenue Hammad Azhar.

“We are extending the deadline of Asset Declaration Scheme by July 3 in the better interest of the people who wanted to gain benefit from the scheme,” he added.

He said that Saudi Arabia came forward to help Pakistan in bad economic conditions of the country and announced to lend oil of worth $3.2 billion.

“An agreement of worth $3 billion was also made with Qatar and has received the first tranche of $500 million,” said Abdul Hafeez Sheikh.

The finance advisor said that the federal government decided to decrease the total layout of the budget by Rs50 billion.

“10 percent salary was increased only for the grade1-16 employees while 5 percent salaries increased for Grade 17-20 employees. The salaries of government employees were slashed by 10 percent following the austerity drive of the incumbent government.

He congratulated Chief of Army Staff (COAS) General Qamar Javed Bajwa for not increasing the defence expenditure.

He said that Rs216 billion have been set aside for the electricity consumers using 300 units, adding that fuel prices in Pakistan increase when oil prices go up in the international market.

He lauded the sacrifices of tribal people in the war against terrorism. ‘Rs152 billion have been allocated for tribal areas.”

Hafeez Sheikh said that special attention has been paid towards areas of Balochistan and South Punjab according to Public Sector Development Program (PSDP).

He added: “When  Pakistan Tehreek-e-Insaf (PTI) government came into power the economy of the country was going through a crisis.”

“Imports, Exports and foreign exchange reserves were presenting a disturbing image. The circular debt crossed $31,000 billion.”

He said the government was ready to facilitate industrialists if they are agreed to cooperate, adding that they must pay text if goods are being sold in local markets.

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Speaking on the occasion Federal Board of Revenue (FBR) Chairman Shabbar Zaidi said that thousands of people are availing the tax amnesty scheme.

“The further details regarding the amnesty scheme would be given in two to three days,” he added.

He said that National identity card (NIC) number will convert into National tax number (NTN) after the month of August.

Minister of State for Revenue Hammad Azhar said that so far 80,000 people have contacted FBR to get advantage from amnesty scheme.

He urged people to get benefit from the tax amnesty scheme whose date has been extended to July 3.

The federal government on June 1 introduced the Assets Declaration Scheme, with an aim to help people benefited from it by whitening their concealed assets.

Chairman Federal Board of Revenue Shabbar Zaidi has already assured that assets declared through the scheme won’t be used for any other purpose, neither will be presented as evidence in any of the case.

Earlier, Prime Minister Imran Khan also hinted at extending the deadline of the Asset Declaration Scheme.

PM Khan said people are afraid that their tax money wouldn’t be utilized in the right way as they don’t have faith in the working of Federal Board of Revenue.

In advanced countries, he said, the public has faith in the government that the taxpayer money is spent on the welfare of people. “We have to give this confidence to people in Pakistan too so that they willingly pay their due taxes.”