Pakistan govt extends deadline for declaring undisclosed assets

The cash-strapped Pakistan government has extended till July 3 the deadline for its citizens to declare their undisclosed assets under an amnesty programme, as it ramps up efforts to fix the country's economy.

The tax amnesty scheme, launched on May 15, was scheduled to end on June 30, but there has been immense pressure on the government to extend the deadline.

Prime Minister Imran Khan's Adviser on Finance, Abdul Hafeez Shaikh, announced on June 30 that the deadline for the amnesty scheme, also known as as the Assets Declaration Scheme 2019, has been extended until July 3.

"There's been a lot of interest in the Asset Declaration Scheme," he said.

"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," he said.

The grace period gives Pakistanis — both living in the country and abroad — three more days to declare their undisclosed assets by paying applicable taxes.

Prime Minister Khan has repeatedly warned Pakistanis to declare their hidden assets and secrets accounts to avoid strict legal action.

Pakistan recently reached a preliminary agreement with the IMF for a $6 billion bailout package aimed at shoring up its finances and strengthening a slowing economy as it tries to overcome a ballooning balance-of-payments crisis.