Objections over value of Bilawal’s assets rejected

Objections over value of Bilawal’s assets rejected

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ISLAMABAD: The Pakistan Peoples Party (PPP) has explained that its chairman Bilawal Bhutto-Zardari has mentioned the cost of his assets in his nomination forms for the coming general elections as per official prices of properties and other things and not according to their current market value.

“We have noticed that a lot is being said regarding Chairman Pakistan Peoples Party (PPP) Bilawal Bhutto-Zardari’s asset details. The PPP would like to clarify a few things,” PPP spokesman Senator Mustafa Nawaz Khokhar said in a statement.

He explained that the PPP chairman submitted income tax returns for the last three years with all his nomination papers. All properties and businesses that have been declared by him were inherited from his family.

As for those questioning how Bilawal House Karachi is worth Rs3 million, he referred to Section 116 of the Income Tax Ordinance, 2001, which reads “All assets [whether purchased or inherited] should be valued at cost”.

He pointed out that the PPP chairman inherited Bilawal House Karachi in the early 1990s and claimed that at that time it was valued at Rs3 million.

Senator Khokhar also said that around 70 candidates were contesting election against Mr Bhutto-Zardari in three constituencies. Copies of his nomination papers were taken by all other contesting candidates, including those who are contesting elections on the tickets of the PTI, MQM, PML-N, MMA, and none of them raised any legal objection whatsoever.

Published in Dawn, June 24th, 2018

Source: news

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