There was a speculation that the last date of assert declaration scheme will be extended for the convenience of people. Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh declared during a post-budget conference that the last day of the scheme is extended to 3rd of July.
Although the International Monetary Fund (IMF) opposed the idea saying that that could damage Pakistan’s $6 billion bailout package at the board meeting that would happen at 3rd July and also IMF’s country representative to Pakistan Teresa Daban Sanchez said that extending the date could not help as it is inconsistent with the package but the date was extended to give people a chance to show their asserts. This announcement came barely after the day it was announced that there would be no extension in the date by FBR.
This scheme was to give people a chance to declare their undeclared asserts expenditures etc. According to the scheme people can whitened their asserts as only pays 4 per cent tax on them. Only 1 per cent people are paying tax and the remaining 220 million people are not bearing this weight, so this scheme will also help in balancing the burden and everyone will pay their taxes.