Prime Minister Imran Khan has been working hard to increase the number of taxpayers in Pakistan as it will eventually increase the tax paid in the country. In a bid to increase the tax base, the Prime Minister has launched a new tax amnesty scheme which is valid till 30th June only. In an address to the nation on Monday morning, the Prime Minister asked all the people to disclose their hidden assets by end of this month and get amnesty from the government under the Asset Declaration Scheme. Imran Khan said that paying taxes is important to raise our country right now.
The offer is valid for this month only after which the government will take strict actions against those who have hidden assets. Under the new amnesty scheme, people will be able to legalize their wealth by paying only 4% of tax except for real estate. However, the legalized amount needs to be kept in Pakistani banks only. If people want to keep their legalized money abroad, then they will have to pay 6% of the tax to get their wealth legalized and keep it abroad. The government has given both the options so it is up to the people which one they choose.
Imran Khan said that filing taxes will help the country to grow in this difficult situation. He said that half the collected taxes go into debt servicing and hence widening the tax base is extremely important now. After 30th June, no such amnesty will be given to anyone and the government will take strict actions against anyone not paying taxes. Increasing the taxpayer base has been a problem for Pakistan with only 2 million tax returns filed annually in the country, which means only 1% of the population is bearing the burden of the entire population.