ASSET DECLARATION SCHEME OF GOVERNMENT
No doubt, every govt. declares multiple schemes to provide relief to the common masses and
so is with the present government. In the past, our tax recovery was either totally dull
or if collected, is was a conventional practice. Moreover, the revenues so collected were
embezzled by the people on the helm of affairs or were not deposited due to gratification
of higher officials. It is first time in the history of Pakistan that government has
announced an Amnesty of Tax Returns whereby every well-to-do has to submit all of his assets
move or immovable. The Tax Amnesty Scheme 2019 seems to a best strategy to recover the taxes and
to declare all belongings held by the bank or otherwise.
More about Amnesty Scheme is that it last date was fixed as 31st December 2019 to declare
assets and deposit returns but in view of the interest of the citizens its date has been
extended till 3rd July 2019. Under this tax Amnesty Scheme 2019 new date the banks will remain open
today till 12 pm enabling those who have not submitted the information so far to surrender
Under Tax Amnesty Scheme 2019, a substantial enhancement of revenues will occur to meet the
expenditure of the state and provide facilitation to the common masses through subsidies
etc. Liberalism shown by the government in the Tax Amnesty Scheme 2019 should be taken by the
citizens as a gesture of good will and submit all what they are asked for today till 12 pm
failing which the government will be eligible to taken necessary action against the defaulters
to recover the revenues.
If we turn to the advanced and literate nations particularly the Europe Societies, we will
find there all around the Tax Amnesty Scheme under which the assets of people are scrutinized
by the government and the sources by which they are earned and made. This is the main
reason behind their progress and prosperity as well.