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The Assets Declaration Scheme 2019 mobilized Rs 70 billion in taxes from 137,000 people compared to Rs 124 billion collected as tax from 83,000 people under Foreign Assets (Declaration and Repatriation) Ordinance 2018 and Voluntary Declaration of Domestic Assets Ordinance 2018.
The latest figures (provisional) shared by Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh and Chairman Federal Board of Revenue (FBR) Syed Shabbar Zaidi indicate Rs 3 trillion assets declared by 137,000 individuals under asset declaration scheme with Rs 70 billion tax collected as tax; and most are new tax payers.
Repatriation of foreign currency, if any, was not specified in the 2019 scheme though $40million was repatriated under the Foreign Asset (Declaration and Repatriation) Ordinance 2018. The assets worth Rs 2.5 trillion were whitened under the Foreign Assets (Declaration and Repatriation) Ordinance 2018 and Voluntary Declaration of Domestic Assets Ordinance 2018.
The Advisor said that primary objective of the scheme was to increase the number of tax payers; Shabbar Zaidi stated that the government priority is to bring about reforms in the FBR system to achieve Rs 5.5 trillion revenue collection target for the current fiscal year.

Copyright Business Recorder, 2019

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