May 15, 2019: Advisor to Prime Minister on Finance Dr. Abdul Hafeez Shaikh says asset declaration scheme will help encourage people to disclose their hidden assets legally by 30th of next month.
Addressing a press conference in Islamabad on Tuesday, he said every Pakistani is eligible to become part of the scheme, but public office holders and their dependents will not be able to benefit from it.
Under the scheme, if a person brings his undeclared wealth to Pakistan from abroad, he will have to pay four percent fee on that amount, but he has to deposit it in a bank account. If he decides to put this money abroad, the penalty imposed will be six percent.
Dr. Abdul Hafeez Shaikh said real estate value will be gauged as 1.5 percent above the FBR value in order to bring it closer to market rate.
He said baynaami accounts and real estate can also be legalized under the scheme. He said effort has been made to implement the scheme seamlessly and it has been kept realistic.
Dr. Abdul Hafeez Shaikh said objective behind the scheme is not to enhance revenue, but to document Pakistan's economy.
Replying to a question, he said 216 billion rupees will be earmarked in next budget to subsidize the consumers using electricity up to 300 units a month. He said the budget of BISP will be increased to 180 billion rupees to help poor segments of society.
Advisor to PM on Finance said those who are criticizing the decision of going to IMF have themselves gone to the fund in the past.
He said in order to increase the performance of FBR, several crucial decisions are being made with new FBR chairman and renewed resolve of the government.
Answering a question, FBR Chairman said information retrieved from 1,50,000 accounts in 28 countries of Pakistani citizens will also be used to bring the undocumented economy to the system.
