ISLAMABAD Federal Minister for Finance and Economic Affairs Abdul Hafeez Sheikh on Sunday said that he would ask the Provincial Governments to reduce the taxes on the transfer of assets so that the people could present actual values of their assets. This he said while addressing the post-budget press conference here at Planning Commission. He said that misdeclaration of the assets is an important issue in the country, which could not be neglected at all. On a question regarding misdeclaration of assets by Pakistan Peoples Party Parliamentarians President Makhdoom Amin Fahim, as he had shown the value of his bungalow only Rs 2.2 billion which should be around Rs 10 million due to its locality in Karachi, the Federal Minister said that he would not cover anyone, however, personally he was against this act and this should be discouraged. He was of the view that it was the responsibility of the provinces rather than the Centre to keep an eye on the value of assets of the people as it was in their domain. Soon I would take this issue with Provincial Governments and will ask them to reduce the taxes on transfer of assets as due to higher duty people do not present the actual value of their assets to avoid taxes, he further said and added that due to lesser taxes, people would show the real value of their assets and the actual duty would be determined. While quoting the example of foreign countries, Sheikh said, In foreign countries if someone presents the value of ones asset at Rs 2 million against real value of Rs 5 million, then their government after adding some charges will take the asset in its possession at the cost of Rs 2.2 million. However such rules dont exit in Pakistan, he added.