Imran Khan asks Pakistanis to declare their assets

Agencies
June 10, 2019

Islamabad, Jun 10: Prime Minister Imran Khan on Monday asked Pakistanis to take advantage of the tax amnesty scheme and declare their undisclosed assets by June 30 to contribute in the development of the country which is grappling with a severe financial crunch.

Addressing the nation ahead of the federal budget for the fiscal year 2019-20 to be announced Tuesday, Khan said. "We will need to change ourselves if we want to become a great country."

"I am appealing to all of you to take part in the Asset Declaration Scheme that we have brought, because if we don't pay taxes, we will not be able to raise our country up," Khan said.

The premier said that people have until June 30 to declare their benami assets, benami bank accounts and money that was kept abroad.

Benami is a term used for a transaction, contract, or property that is made or held under a name that is fictitious or is that of a third party who holds as ostensible owner for the principal or beneficial owner.

"After June 30, you will not get this opportunity," he said.

"Our agencies have information about who has benami accounts and benami properties," the premier said.

"This was never available to us before therefore take advantage of this scheme. Give Pakistan the benefit. Fix your children's future. [Give us] the chance that we get this country to stand on its own two feet and take people out of poverty," he said.

"My Pakistanis, in the past ten years Pakistan's debt went from Rs 6,000 billion to Rs 30,000 billion," he said.

Khan said that the damage that this had caused to the country was that the annual tax collected was approximately Rs 4,000 billion, half of which went towards repaying loans "they" had taken.

"This country cannot cover its expenses on the money that is left behind," he added.

"Pakistan is the country that unfortunately gives the least tax in the world but is among the few countries that give the most charity."

"This is the country that has [the] capability and if passion comes in, we can at the very least gather Rs10,000 billion every year," the premier said.

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

The scheme came into effect through a presidential ordinance, which will offer a period of 45 days to people for declaration of their undeclared assets, expenditures, and sales along with payment of taxes until June 30 this year.

The scheme, approved by the federal Cabinet during a meeting presided over by the premier, has five main pillars — scope, default surcharge, exclusions, tax rates and conditions.

Unlike the past schemes, no revenue realisation projection was made on the plea that it is meant for allowing the grey economy’s inclusion in the tax net, Dawn newspaper said.

The government plans to present an austerity-oriented budget with no increase in the salaries of army officials of higher ranks.

This is the second time that the premier has appealed to the people to declare their benami assets and bank accounts under the government's Assets Declaration Scheme by June 30.

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Agencies
May 8,2020

United Nations, May 8: UN Secretary-General Antonio Guterres said Friday the coronavirus pandemic keeps unleashing a tsunami of hate and xenophobia, scapegoating and scare-mongering. 

The UN chief said anti-foreigner sentiment has surged online and in the streets, anti-Semitic conspiracy theories have spread, and COVID-19-related anti-Muslim attacks have occurred. 

Guterres said migrants and refugees have been vilified as a source of the virus -- and then denied access to medical treatment. 

With older persons among the most vulnerable, contemptible memes have emerged suggesting they are also the most expendable, he said. 

And journalists, whistleblowers, health professionals, aid workers and human rights defenders are being targeted simply for doing their jobs. 

Guterres appealed for an all-out effort to end hate speech globally. The secretary-general called on political leaders to show solidarity with all people, on educational institutions to focus on digital literacy at a time when extremists are seeking to prey on captive and potentially despairing audiences. 

He called on the media, especially social media, to remove racist, misogynist and other harmful content, on civil society to strengthen their outreach to vulnerable people, and on religious figures to serve as models of mutual respect. 

And I ask everyone, everywhere, to stand up against hate, treat each other with dignity and take every opportunity to spread kindness, Guterres said.

The secretary-general stressed that COVID-19 does not care who we are, where we live, what we believe or about any other distinction. His global appeal to address and counter COVID-19-related hate speech follows his April 23 message calling the coronarivus pandemic a human crisis that is fast becoming a human rights crisis. 

Guterres said then that the pandemic has seen disproportionate effects on certain communities, the rise of hate speech, the targeting of vulnerable groups, and the risks of heavy-handed security responses undermining the health response. 

With rising ethno-nationalism, populism, authoritarianism and a push back against human rights in some countries, the crisis can provide a pretext to adopt repressive measures for purposes unrelated to the pandemic, he warned.

In February, Guterres issued a call to action to countries, businesses and people to help renew and revive human rights across the globe, laying out a seven-point plan amid concerns about climate change, conflict and repression.

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Agencies
May 25,2020

The Japan government on Monday decided to lift the state of emergency for COVID-19 in Tokyo and four other prefectures of the country, the only places where the measure implemented to curb the pandemic had remained in force.

The lifting of the alert was backed by the coronavirus advisory panel and will be formally approved by the government later day, the economic revitalization minister and head of the working group to coordinate Japan's fight against COVID-19, Yasutoshi Nishimura, said.

The Japanese authorities made the decision after taking into account the number of infections and the situation of the health system in Tokyo, the three neighbouring prefectures of Chiba, Kanagawa and Saitama and the northern Hokkaido, the only ones where the state of emergency declared more than a month ago to control the pandemic remained in effect, reports Efe news.

The health alert was initially declared in Tokyo and six other prefectures on April 17 and subsequently extended across the country.

It allowed local authorities to ban large-scale public events and close bars and restaurants at night, among other measures, while the government has launched a campaign to encourage teleworking and staying at home.

The government resorted to this measure for the first time in the country's recent history to contain the spread of the virus and is now withdrawing it after a sustained slowdown in infections throughout the archipelago, where around 16,600 confirmed COVID-19 cases and 839 deaths have been recorded, according to the latest data.

The group of experts advising the government appreciated the efforts made by citizens to comply with the recommendations to achieve the target of reducing interpersonal contact by 80 percent, top government spokesperson Yoshihide Suga said at a press conference on Monday.

The recommendation for citizens to avoid unnecessary trips outside and the request for non-essential businesses to close were not mandatory nor accompanied by fines or other penalties for non-compliance, unlike the stricter containment measures implemented in other countries.

The government plans to formally approve the lifting of the state of emergency on Monday after consulting with other political parties in parliament and another meeting with the advisory panel, following which Japanese Prime Minister Shinzo Abe will hold a press conference.

The government had already decided to lift the emergency in 39 prefectures on May 14 after they reported a marked decrease in the number of infections, leaving out the more populated regions such as Tokyo and Osaka.

To avoid new outbreaks of the virus, Abe has urged people to become accustomed to a "new lifestyle" that includes maintaining social distancing, the use of masks outside as well as a series of guidelines for the reopening of shops, restaurants and public facilities.

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News Network
June 2,2020

Jun 2: A new female billionaire has emerged from one of Asia's most-expensive breakups.

Du Weimin, the chairman of Shenzhen Kangtai Biological Products Co., transferred 161.3 million shares of the vaccine maker to his ex-wife, Yuan Liping, according to a May 29 filing, immediately catapulting her into the ranks of the world's richest.

The stock was worth $3.2 billion as of Monday's close.

Yuan, 49 this year, owns the shares directly, but signed an agreement delegating the voting rights to her ex-husband, the filing shows. The Canadian citizen, who resides in Shenzhen, served as a director of Kangtai between May 2011 and August 2018. She's now the vice general manager of subsidiary Beijing Minhai Biotechnology Co. Yuan holds a bachelor's degree in economics from Beijing's University of International Business and Economics.

Kangtai shares have more than doubled in the past year and have continued their ascent since February, when the company announced a plan to develop a vaccine to fight the coronavirus. They slipped for a second day Tuesday following news of the divorce terms, losing 3.1% as of 9:43 a.m. in Hong Kong and bringing the company's market value to $12.9 billion.

Du's net worth has now dropped to about $3.1 billion from $6.5 billion before the split, excluding his pledged shares.

The 56-year-old was born into a farming family in China's Jiangxi province. After studying chemistry in college, he began working in a clinic in 1987 and became a sales manager for a biotech company in 1995, according to the prospectus of Kangtai's 2017 initial public offering. In 2009, Kangtai acquired Minhai, the company Du founded in 2004, and he became the chairman of the combined entity.

China's rapidly growing economy has been an engine for the country's richest, and Du is not the only tycoon who's had to pay a steep price for a divorce. In 2012, Wu Yajun, at one point the nation's richest woman, transferred a stake worth about $2.3 billion to her ex-husband, Cai Kui, who co-founded developer Longfor Group Holdings Ltd. In 2016, tech billionaire Zhou Yahui gave $1.1 billion of shares in his online gaming company, Beijing Kunlun Tech Co., to ex-wife Li Qiong after a civil court settlement.

Sometimes, a goodbye can be time-consuming too. South Korean tycoon Chey Tae-won's wife filed a lawsuit in December asking for a 42.3% stake in SK Holdings Co. valued at $1.2 billion. That would make her the second-largest shareholder of the company should she win the case, which is still ongoing.

The most expensive divorce in history is that of Jeff and MacKenzie Bezos. The Amazon.com Inc. founder gave 4% of the online retailer to Mackenzie, who now has a $48 billion fortune and is the world's fourth-richest woman.

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