Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Shaikh, on Tuesday directed the Federal Board of Revenue (FBR) to "modify and refine" the upcoming Asset Declaration Scheme so that it attracts a maximum of those "who are currently outside the formal economy".

Shaikh, according to a press release, issued the directives while chairing a meeting called in Islamabad to "deliberate various aspects of the scheme".

The meeting's participants "emphasized the need to make the scheme more simple and implementable" and also "suggested that since the focus of the proposed scheme is on the documentation of economy, it should be designed to clearly reflect that objective".

At this, Shaikh instructed the FBR to "devise a successful communication strategy enabling the people to easily comprehend the contours of the scheme".

"It may be recalled that the federal cabinet had directed the FBR to carry out consultations with experts of various sectors to make the scheme more inclusive and to reduce its complications," the press release noted.

The meeting was also attended by Adviser to Prime Minister on Commerce, Textile, Industry and Production and Investment, Abdul Razak Dawood, Adviser on Institutional Reforms and Austerity, Dr Ishrat Hussain, Minister of State for Revenue, Muhammad Hammad Azhar, Chairman FBR and other experts of business, accounting and banking sectors.