After the release of the assets declaration scheme, Pakistani’s have demonstrated their efforts to whiten about Rs1 trillion assets.
The countries that are included where Pakistani’s have declared their assets are UAE, The UK, Singapore, Switzerland, and the British Virgin Islands.
How The Amnesty Scheme Triggered This – Worry For The Economy Of Pakistan In 2019:
Pakistani’s need to declare their assets that exist either in Pakistan or abroad and if they fail to do so then a necessary punishment is due, according to the new amnesty scheme. It is important to declare assets by 30 June if one does not wish to face the consequences. Foreign Pakistanis also need to declare their income coming from Pakistan and have to file tax returns. Is there hope for the economy of Pakistan in 2019?
Dr.Muhammad Ashfaq Ahmen, The Director-General For International Tax At Federal Board of Revenues mentions, “Most of the foreign money by the Pakistanis are parked here and that’s why we chose this place to send the message across to Pakistanis worldwide that they have less than one week to benefit from tax amnesty and declare all their undeclared assets,”
If foreign Pakistanis are unable to declare their assets then they can be imprisoned or punished, according to the asset declaration scheme.
Then to clear any confusion, he further adds in, “On a bilateral arrangement, the UAE and Pakistan share full details of the property. As far as bank details are concerned, they are shared automatically,”
He concludes with, “Hence, the government decided to give a new lease of life to the economy and introduced amnesty. Our forex regulations are not up to mark. We just decided to launch another amnesty. All the overseas Pakistanis have to declare their earnings being generated in Pakistan and file tax returns,”
According to Ahmed, this is the last scheme by the government and the citizens, as well as Pakistani’s abroad, need to declare their assets as soon as possible.
In addition, he mentions that Pakistan is in touch with multiple countries and that can see significant growth in the future as well. He said, “Last year, Pakistan received information from 28 countries and UAE was one of them. This year, we are going to receive from 71 countries. The numbers are going to increase every year. In the next two to three years, the number goes could beyond 100 countries with which Pakistan will exchange information,”
People have displayed mixed reactions towards this report.
However, many believe that the assets declaration scheme is working quite well for Pakistan’s favor. This user says, “Last year, Pak received information from 28 countries & UAE was one of them. The numbers are going to increase & could beyond 100 countries with whom Pak will exchange information Amnesty seems to be going in the right direction danda sab ka peer hai”
Last year,Pak received information from 28 countries & UAE was one of them. The numbers are going to increase & could beyond 100 countries with whom Pak will exchange information
Amnesty seems to be going in the right direction
danda sab ka peer hai?https://t.co/ACipJ81qCv
— donno (@nogreatgame) June 25, 2019
People are hopeful towards a prosperous future, “Dunno how authentic this news is. If it’s true then its really heartening to see that Pakistanis want a NEW & better Pakistan. DON’T confuse this as government money that will wipe off foreign debt. Eventually, it will when ppl will pay taxes. InshaAllah”
Dunno how authentic this news is. If its true then its really heartening to see that Pakistanis want a NEW & better Pakistan. DON’T confuse this as government money that will wipe off foreign debt. Eventually it will when ppl will pay taxes.
— JB (@badnocs) June 25, 2019
What do you think of the situation? Let’s wish that the economy of Pakistan in 2019 becomes better than ever. Share your thoughts.