Govt earns Rs57.7 billion through Asset Declaration Scheme

August 8, 2019: The government accrued income of Rs. 57,714 million rupees from the Asset Declaration Scheme that was launched to give people an opportunity to declare their undeclared assets by paying a certain amount of tax on it.

“The total income accrued from Asset Declaration Ordinance 2019 is Rs. 57,714 million. However, tax payment of Rs. 8,081 million under the present scheme will be deposited up to June 30, 2020 along with default surcharge,” the Ministry of Finance informed the National Assembly in a written reply on Thursday.

However, it clarified that the main purpose of the Asset Declaration Ordinance 2019 was documentation of Economy.

The ministry also clarified misperceptions about the price-hike on basic commodities and informed the house that the government was fully cognizant of its responsibility towards improving the everyday life of the common man.

It said that the adjustments in prices of different essential commodities and services have not been made at the behest of the International Monetary Fund (IMF) or any other institution.

“The prices reflect market forces and rising international prices in case of certain commodities,” it added.

It said that the government had taken a number of concrete steps for the uplift of living standards of the under-privileged segments of society, adding the Ehsaas Programme had been launched to reduce inequality, invest in people and develop backward areas of the country.

Similarly, the government has substantially increased the allocations to BISP to Rs180 billion in current year’s budget as compared to last year’s allocation of Rs100 billion, it added.

Improved coordination between the Federal and Provincial governments was also ensuring that commitment towards social sector spending at provincial levels was strong, it added.

APP