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Musharraf `under-declared` assets and income: Magazine
New Delhi, July 02: Pakistan President Pervez Musharraf paid no wealth tax for five years on his `extensive` land and properties though he had declared in November 1999 that he had done so, according to documents quoted by a US-based magazine run by a Pakistani.
New Delhi, July 02: Pakistan President Pervez Musharraf paid no wealth tax for five years on his "extensive" land and properties though he had declared in November 1999 that he had done so, according to documents quoted by a US-based magazine run by a Pakistani.
"And finally when he did pay wealth tax in 1999-2000 on his assets worth much more than (Pakistani) Rs 30-40 million in the market, he coughed up only Rs 710 or 12 dollars," the magazine reported, claiming it had a copy of the official document.
The report alleged that his real wealth was worth more than Rs 40 million but Musharraf had declared it as only Rs one million. The magazine said when musharraf recently sold his land in bahawalpur, "he received millions. This amount should be reflected in his wealth declarations now but conveniently in the last budget, wealth tax has been abolished".
Quoting the documents, it said his total income tax deducted at source from 1994 to 1999 was Rs 115,524 (or US dollars 1,992) on a total declared income of Rs 1.24 million or US dollars 21,430. While Musharraf had declared an income of Rs 146,629 in 1994-95, his income was officially assessed at Rs 151,189. Similarly, he paid a tax of Rs 24,472 in 1996-97 and Rs 31,927 the next year.
After he became the Army chief in 1998 and his income rose to Rs 226,846, Musharraf "surprisingly" paid only Rs 18,180 or over Rs 13,700 less than in the previous year, it said. Bureau Report
The report alleged that his real wealth was worth more than Rs 40 million but Musharraf had declared it as only Rs one million. The magazine said when musharraf recently sold his land in bahawalpur, "he received millions. This amount should be reflected in his wealth declarations now but conveniently in the last budget, wealth tax has been abolished".
Quoting the documents, it said his total income tax deducted at source from 1994 to 1999 was Rs 115,524 (or US dollars 1,992) on a total declared income of Rs 1.24 million or US dollars 21,430. While Musharraf had declared an income of Rs 146,629 in 1994-95, his income was officially assessed at Rs 151,189. Similarly, he paid a tax of Rs 24,472 in 1996-97 and Rs 31,927 the next year.
After he became the Army chief in 1998 and his income rose to Rs 226,846, Musharraf "surprisingly" paid only Rs 18,180 or over Rs 13,700 less than in the previous year, it said. Bureau Report