PM Rejects Any Extension in Deadline to Avail Tax Amnesty Scheme
Crackdown Against Tax Evaders Would Start After June 30
Premier Imran Khan has stated that the period to take advantage of the asset declaration scheme will not be expanded, warning that the state has no other option to confiscate the property if they are not to take advantage of the scheme.
He encouraged individuals to legalize their unreported property through an interview to a private television channel prior to the expiration of the date on 30 June.
Imran shows his positivity with the view that the nation and his party is united to work together and will make this scheme successful.
He said that the nation is at a crossroads and that everyone must play their part in improving the national economy.
“The country cannot move forward unless taxes are collected and steps are taken to increase income and reduce loans. The government is implementing the austerity drive to bring down the expenditures at the national level,”
“The economy is facing a critical situation where half of our income goes to paying the interest on loans and corruption is the main cause of this economic malaise.”
The governor also indicated that after June 30, individuals who went into the tax net would not be harassed unduly, after that he proposed a crackdown on tax evaders.
He said that attempts had been made to bring about true changes within the Federal Revenue Board (FBR).
“Consultations are being held with the business community on a regular basis and they will be taken on board while formulating policies,”
The premier concluded and reiterated that tax money would be utilized only for the welfare of Pakistanis.
Previously it is to remember that Prime Minister Imran Khan was given a detailed briefing about the revenue and spending.
Presented in meetings were Finance Adviser Abdul Hafeez Sheikh, Commerce Adviser Abdul Razak Dawood, Planning Minister Khusro Bakhtiar, State Minister for Revenue Hammad Azhar, Special Assistant to Prime Minister Dr Sania Nishtar, Chairman of Federal Board of Revenue Shabbar Zaidi and senior government officers.
The meeting discussed several ideas, which could generate an income increase of around Rs1.45bn.
The Prime Minister suggested after June 30 a repression against tax evaders and said the law would deal with the people who could not take benefit of the recent tax amnesty scheme of the government.
Titled ‘The Assets Declaration and Amnesty Scheme 2019’, The system introduced by presidential ordinance offers tax returns to non-fillers with a chance to whiten their undeclared property domestic and international and enter the tax net in addition to the application of extra-budgetary action in the run-up to IMF.
The Prime Minister invited his financial team during the meeting to develop a system for bringing more individuals into the tax net. The Prime Minister also challenged the idea of taxing the upper middle class that was already taxed.
“Why should only the working class pay taxes?”
According to sources, Federal Board of Revenue chairman Shabbar Zaidi informed the Premier of the advancement that has been made in the expansion of tax networks to date and of the contribution produced to that end by tax amnesty system.