Govt receives 42 billion rupees tax in Assets Declaration Scheme so far – Research Snipers

Govt receives 42 billion rupees tax in Assets Declaration Scheme so far

FBR collects Rs70 billion from assets declaration scheme so far

According to the details, as many as 90,000 people benefited from the Assets Declaration Scheme launched by the PTI-led federal government of Pakistan. As per the media report, around 42 billion rupees were deposited in the national exchequer through the assets declaration scheme.

It has been observed that the number of the beneficiaries of the scheme likely to reach to 1,00,000 till the last day of the scheme.

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The total amount of the tax revenue from the assets declaration scheme could likely to reach 70 billion rupees.

On Sunday, an Advisor to the Prime Minister on Finance, Abdul Hafeez Shaikh said that the federal government had decided to extend the deadline of the scheme till the 3rd of July.

It is pertinent to mention here that the Federal Board of Revenue (FBR) missed its annual revenue collection target of 4.150 trillion rupees in the Fiscal year 2018-19, which ended on June 30, 2019.

The tax authorities have received 3.820 trillion in the revenues, missing the tax target by nearly 330 billion rupees despite a commendable response to the Assets Declaration Scheme also known as the Tax Amnesty Scheme.

According to the details, most of the people who declared their assets through the scheme were not taxpayers earlier.