Prime Minister Imran Khan in an address to the nation on Friday urged citizens to declare their assets under the government's tax amnesty scheme before the June 30 deadline.

"We are stuck in a debt trap," he told viewers. "Why are we here? Because of corruption and theft of taxes. You don't need to worry about corruption any longer, because we will not let it go. The problem now is tax theft. To end tax theft, I need your help," he said.

"Until the people do not resolve, along with the government, to extricate itself from these loans, they will not be able to get out if [the debt trap]."

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"I have initiated this scheme [under which] you can declare your assets until June 30."

"This scheme is a golden opportunity for you to declare money you've kept at home, dollars, jewelry, benami accounts and foreign assets that you possess," he said.

The prime minister praised the generosity of Pakistanis when it comes to making charitable donations to institutions such as Shaukat Khanum Memorial Cancer Hospital and Research Centre, or for gathering funds to provide aid to flood and earthquake-hit areas in Pakistan.

"Next year, we need to collect Rs5.5 trillion in revenue. In my view, if the people are resolved, we can gather more than Rs8.5tr every year. Our problems would be solved. We can be free, we can stand on our own two feet, get our people out of poverty. We can brighten our childrens' future. But for this, I need your help."

"The Federal Board of Revenue has all the data. If you go to the FBR website, you will find out what data we possess. I don't want difficulties for you [in the future], that's why I want you to take advantage of [the scheme]," he said.

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Amnesty scheme

It is not the first time the prime minister has asked citizens to take advantage of the scheme, which is set to expire in nine days.

On May 14, the PTI-led government had announced its first tax amnesty scheme for whitening of undisclosed expenditures, sales and assets, including foreign assets, at nominal tax rates.

The Assets Declaration Scheme was approved by the cabinet after much deliberation and was announced earlier this month by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh.

The scheme had come into effect through a presidential ordinance, which offered 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 has five main pillars — scope, default surcharge, exclusions, tax rates and conditions. It can be availed by all companies, associations of persons and individuals only to whiten their assets, expenditures and sales not declared until June 30, 2018. There is no provision for whitening undeclared incomes, either domestic and foreign.

Under the scheme, assets within the country and abroad (except for real estate) can be whitened after paying a rate of four per cent. The whitened cash assets will have to be kept in Pakistani bank accounts.

For people wanting to keep their whitened money abroad, a rate of 6pc will be charged.

For the declaration of real estate, its value will be considered 1.5 times more than the FBR-assigned value to bring it at par with the market rate, Dr Shaikh had said.

The amnesty scheme also has the facility for citizens to whiten their benami accounts and properties before the Benami Transaction (Prohibition) Act, 2017, is enforced.

The scheme was announced two days after the government reached a staff-level agreement with the International Monetary Fund about a $6bn bailout to implement an “ambitious structural reform agenda” over a period of 39 months.

In a video message on May 30, the prime minister had said that the scheme was a "chance for [the people] to declare their benami properties and bank accounts" so they can become a part of the tax net.

He revealed that only 1 per cent of the population pays taxes. "1pc Pakistanis are bearing the burden of 220 million people. This is impossible," he said. "No country can serve its people if the citizens don't pay taxes."