Rs. 42 bln tax received in Assets Declaration Scheme: sources

ISLAMABAD: Around 90,000 people benefited from the Assets Declaration Scheme, sources at Federal Board of Revenue said on Monday.

ARY News citing FBR sources, reported that around 42 billion rupees were deposited in the government exchequer with respect to the assets declaration scheme.

Adviser to Prime Minister on Finance, Abdul Hafeez Shaikh on Sunday announced the government’s decision to extend the deadline of the assets scheme till July 3.

According to sources, the number of the beneficiaries of the scheme likely to reach to 1,00,000 till the expiry of the scheme.

Total volume of the tax revenue from the amnesty scheme could likely to reach 70 billion rupees, sources further said.

The FBR missed its annual revenue collection target of Rs4.150 trillion in Fiscal Year 2018-19, which ended on June 30 (yesterday).

The tax authority received Rs3.820 trillion in revenues, missing the tax target by nearly Rs330 billion despite a better response to the tax amnesty scheme.

It is to mention here that most of the people who benefited from the assets declaration scheme were not tax payers earlier, according to sources.

It is for the first time that the number of tax filers have passed the two million mark in the country, sources added.

Adviser to Prime Minister on Finance, Abdul Hafeez Shaikh on Sunday announced extending the deadline of Asset Declaration Scheme by July 3.

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