President issues ordinance for Asset Declaration Scheme

A day after the federal cabinet approved the Assets Declaration Scheme 2019, President Arif Alvi issued on Wednesday the ordinance of the scheme.

The tax amnesty scheme was approved by Prime Minister Imran Khan during the federal cabinet meeting on Tuesday. After the president's assent, this scheme will now be enforced.

Under this scheme, Pakistani citizens can declare and legalise undisclosed assets in and outside the country by paying just 4pc tax on all assets other than real estate. While, for declaration of foreign assets, if not repatriated back into Pakistan, a rate of 6pc will be charged.

Addressing a press conference, Adviser to the PM on Finance Dr Abdul Hafeez Shaikh said that this scheme can be availed by all individuals, companies, and associations of persons. Shaikh continued that the scheme will be applicable up to June 30, 2019 with no extension in the deadline.

“We have tried to make this scheme very easy to understand and implement. The basic purpose of the scheme is not to generate revenue but to document the economy and to bring dead assets into the economy and make them functional,” the finance adviser to the premier added.