The use of real estate to legalize illicit money is underway, Shabbar Zaidi

The use of real estate to legalize illicit money is underway, Shabbar Zaidi

Islamabad: For the first time since the holidays, public board chairman Shabbar Zaidi stressed the need for documentary measures and said that despite the government's efforts, the path to white money was rising.

Speaking at the All Pakistan Chambers' Presidential Conclave 2020, the report said that the current government has taken several steps to curb unauthorized tax evasion money, but I believe that real estate money earned through illegal means. Is being used to whiten, including prize bonds and dollars sent for property purchases.

However, he said the government had taken some steps to stop them.

The ceremony was also addressed by President Arif Alvi, Federal Minister for Planning and Development, Asad Omar and Advisor to the Prime Minister on Institutional Reforms Dr Ishrat Hussain.

On the issue of reform, the FBR chairman told businessmen there that the demands for reforms are now coming from elsewhere.

He stressed the need to bring the economy on paper and said, "As an accountant, I would like to advise you to pressure the government for reforms and documentation. For three to four generations, only businesses that run documents.

He said, "The documentary is very important for those whose business is worth 1 billion or more. The family business ends after a generation due to lack of documents, which is very important for the document industry.

On the issue of tax exemption on local sales of export-dependent sectors, Shabbar Zaidi said he was not in favour of this and his demand was not valid.

He asked the traders to come up with an effective solution on how to collect taxes from them in the coming budget.

The FBR chairman said: "It has been learned that many factories in Lahore's Sunder Industrial Estate are not registered with the sales tax department. Can we afford that, tax exemption on local sales of export-dependent industries in the world is not given? '

He asked the traders to submit tax proposals by March so that they could be discussed in detail before the budget was announced.

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