Pakistan extends Asset Declaration Scheme deadline

The Pakistan government had decided to extend the deadline for its Asset Declaration Scheme to July 3, the Adviser to the Prime Minister on Finance has announced.

"There's been a lot of interest in the Asset Declaration Scheme," Abdul Hafeez Shaikh said during a post-budget press conference on Sunday, adding that the deadline had been extended to banking office hours on July 3.

The initial deadline was June 30 as announced by Prime Minister Imran Khan, reports Dawn news.

"We are giving people a final opportunity (to take advantage of the scheme) in case some people are still in the process or are facing difficulties wrapping it up.

"After that, the benami commission, that we're currently establishing to pursue benami properties, will come into action," Shaikh said.

Minister of State for Revenue Hammad Azhar, who was also at the briefing, said that thousands of people had availed the scheme so far. "We'll put forth the details of this scheme in a few days," he said.

In a televised address to the nation on June 10, Khan had asked the citizens to declare their benami assets, benami bank accounts and money that was kept abroad by June 30.

In May, the Pakistan Tehreek-i-Insaf government had announced the Asset Declaration Scheme -- its first tax amnesty scheme -- for whitening of undisclosed expenditures, sales and assets, including foreign assets, at nominal tax rates, Dawn reported.

The scheme came into effect through a presidential ordinance.