Prime Minister Imran Khan Friday once again urged the countrymen to take advantage of the tax amnesty scheme ending on June 30 by declaring all the undeclared assets to avoid any difficulties in the future.
“I want you to face no troubles. Whole of the data is available with the FBR (Federal Board of Revenue). By visiting FBR’s website, you can access your data and know what kind of information we have collected. I don’t want you to face any difficulty. Therefore, I want you take advantage of it (scheme) and steer the country out of this difficult time,” he remarked in his televised message to the nation.
The prime minister, who had also addressed the nation on the very subject on June 11, hours after the announcement of the federal budget 2019-20, said during the last 10 years, the country’s foreign debt has swollen from Rs 6,000 billion to Rs 30,000 billion. He said half of the tax revenue has been spent to repay the markup of the said loans. “This means we are entangling into the debt trap. Today, we are taking loans just to pay back the markup on the previous loans,” he said.
The prime minister said the country’s condition has worsened to such extent just because of corruption and tax evasion. He assured the people to give up the worry about corrupt elements as the government will pardon them in no way.
In order to curb the tax evasion, he said the government needs the public support and believes that without the public support, the country cannot get rid of the debt trap. He told the people that the tax amnesty scheme for declaration of the undeclared assets can be availed till end of the current month. “This scheme gives you a chance to declare the money, dollars, gold you have kept at home, your foreign assets and undeclared assets. This is a golden opportunity for you,” he said.
The prime minister said the country cannot get rid of the loans unless both the people and the government make a resolve to do so. He said he tested the nation during the construction of Shaukat Khanum Hospital, 2005 earthquake and flash floods in 2010 when every Pakistani from across the globe contributed to support the people and the country facing the loss worth billions of dollars. “We can come out of this (debt trap) easily. We have to collect Rs 5,500 billion (tax revenue) during next (fiscal) year. I think, we can collect above Rs 8,000 billion every year, if nation decides so,” he said. This will help resolve all of economic issues making the country self-sufficient, rid the people of poverty and brighten the future of next generation, he added. On May 14, the PTI-led government announced its first tax amnesty scheme for whitening of undisclosed expenditures, sales and assets, including foreign assets, at nominal tax rates. The Assets Declaration Scheme was approved by the cabinet after much deliberation and was announced earlier this month by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh.
