Cabinet likely to approve Asset Declaration Ordinance today


ISLAMABAD (Ahmed Mughal): The Finance Ministry likely to present the amended draft of Asset Declaration Ordinance before cabinet, scheduled to meet today.

Sources in the Finance Ministry told the scribe that Advisor to PM on Finance Dr Abdul Shaikh chaired a special meeting at evening. The meeting reviewed the draft of Asset Declaration Ordinance 2019 clause by clause.

Chairman FBR Sabbar Zaidi also attended the meeting with other officials. He also briefed the meeting on the draft of Asset Declaration Ordinance.

Sources further said that the meeting approved the draft of Asset Declaration Ordinance and decided to forward to the Cabinet.

The Finance Ministry will likely or present the draft before cabinet meeting. The Cabinet will meet today under the heading of Prime Minister as per schedule, the sources further told the scribe.

Three phases

The sources also said the Finance Ministry proposing tax rate 20 percent for asset declaration instead of 25 percent.

The Finance Ministry is also proposing the scheme though three phase each three months.

The first of phase of the scheme will be completed up to 30th June 2019. During first phase, the people have to pay 5 percent for declaring their black money, sources further said.

The Finance Ministry has also proposed 10 percent tax rate for second phase of the scheme from 1st July to 30th September 2019. The people also have to pay 20 percent tax for declaring their black money during final phase. Third and final phase will be started from 1st Oct to 31st Dec 2019, the sources further said.

The peoples who want to declare black property in first phase, they have to pay 1 percent of the value. They have to pay 2 percent during 2nd phase and 4 percent in third phase of the scheme, the sources added.

The sources said that Pakistani citizens have to transfer their black money to Pakistan before clearing it.  

The govt is also trying to give legal cover to the scheme, the sources also stated. It is also proposing 10 year prison for the officer who will leak the information of beneficial of the scheme.  


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