Govt extends deadline for asset declaration scheme to July 3

The federal government extended on Sunday the deadline for asset declaration scheme to July 3.

The government had introduced the amnesty scheme on May 14, aiming to document the economy and earn revenue.

Speaking at a press conference, Adviser to PM on Finance Hafeez Sheikh said that strict punishments had been prescribed in the law pertaining to ‘benami’ assets and the amnesty scheme was an easy way to bring the tax-evaded income into the net.

Sheikh said efforts were being made to bring prosperity to the people, adding that the government laid before the nation the actual economic situation of the country.

“We are trying to get out of the economic crisis. The country is under a debt of Rs31,000 billion, while there is a huge gap in imports and exports,” he said.

The finance adviser noted that the government in order to reduce the current account deficit, imposed tariffs on imports and brought the deficit from $20 billion to $13.5 billion. He said that efforts would be made to further reduce this deficit to $7 billion.

Sheikh informed that in the next fiscal year, Rs2,900 billion had to be paid in interest on loans taken in the past.

He said the country received $3 billion in financial assistance from Qatar, while it would get oil from Saudi Arabia on deferred payments for three years.

“We only intended to generate dollars,” the finance adviser said.

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