PM Khan urges people to declare assets in his pre-budget speech

PM Khan urges people to declare assets in his pre-budget speech
Shopkeepers watch the speech of Pakistani Prime Minister Imran Khan, at a shop selling television screens in Karachi, Pakistan February 27, 2019. (REUTERS/File Photo)
Updated 10 June 2019

PM Khan urges people to declare assets in his pre-budget speech

PM Khan urges people to declare assets in his pre-budget speech
  • Reiterates appeal to avail tax amnesty before June 30
  • Says half the tax collection goes in debt servicing

ISLAMABAD: Prime Minister Imran Khan in a video message, on Monday, urged the nation to declare assets and avail tax amnesty scheme before June 30 to help strengthen the national exchequer.
Khan’s special message was broadcasted just a day ahead of the announcement of federal budget for the next fiscal year. The government is set to present its PKR 6.8 trillion fiscal budget on Tuesday, June 11, with an estimated fiscal deficit touching a record high compared to PKR 1890.2 billion in the last budget.
The premier said that Pakistan collects around PKR 4,000 billion in taxes every year out of which half the amount goes in debt servicing. “This nation has the capacity to generate PKR 10,000 billion in taxes,” Khan added.
He urged people to announce their benami (undeclared) assets and avail the Asset Declaration Scheme which aims to “document the economy” by bringing “dead assets into the economy and make them functional.”
Khan said that his government had information about fake bank accounts and undeclared properties outside Pakistan and that agreements had been signed with different countries in this regards.
Reiterating his appeal to the people, he stressed that “the government will not be able to lift the country up” if people don’t pay their due tax.
In May this year, the government announced a new tax amnesty scheme to broaden revenue collection. The scheme expires on June 30.
The Assets Declaration Scheme allows Pakistani all nationals, except public office holders and their spouses, who have not yet declared their assets to announce them by paying 4 percent tax on domestic and 6 percent tax on offshore assets.