You are currently viewing FBR chief Shabbar Zaidi says Real Estate attracts Black Money
Shabbar Zaidi

FBR chief Shabbar Zaidi says Real Estate attracts Black Money

  • Post author:
  • Post category:Crime / Featured
  • Post last modified:22/01/2020
  • Reading time:3 mins read

ISLAMABAD: FBR  Chairman Shabbar Zaidi, while addressing the All Pakistan Chambers Presidents’ Conclave 2020,  yesterday (Tuesday, 21st of January) noted  that Real Estate was still used in Pakistan to launder the tax-evaded black money.

He admitted that despite government’s effort to stop them the money-whitening channels continued to flourish. He noted that real estate was still the preferred avenue for whitening ‘grey money’, along with bearer prize bonds and dollars remitted outside to purchase properties.

He stressed on the need for documentation of the economy: “I will advise you as an accountant to pressurize the government over reforms and documentation,”

The event was also addressed by President Dr Arif Alvi, Planning and Development Minister Asad Umar and Adviser to the Prime Minister on Institutional Reforms Dr Ishrat Hussain.

Relevant pieces published earlier: 

Shabbar Zaidi says Dubai Land Dept. will provide details of Pakistani property owners

ISLAMABAD: Chairman Federal Bureau of Revenue (FBR) Syed Shabbar Zaidi has taken to the Twitter today to inform that the Dubai Land Department had agreed to instantly provide details of Pakistani owners of Dubai Properties.

“We are pleased to inform that a very productive meeting has been held in Dubai on October 9 and 10 on the matter of exchange of information. Dubai Land Department will instantly provide details of Pakistani owners of Dubai Properties. Iqama abuse is also being handled,” he said.

Shabbar ZaidiIt is pertinent to mention here that in 2018 the Government of Pakistan had issued notices to three hundred Pakistani nationals who happen to own real estate in UAE. Now those individuals who own six or more properties would be sent notices in order to acquire information about their sources of income.

It had been a practice of the corrupt politicians, bureaucrats and others  to smuggle the ill-gotten money out of Pakistan and buy properties in Dubai, UK, EU and USA.

Tax target is difficult to achieve without masses cooperation: Shabbar Zaidi

ISLAMABAD: The Federal Board of Revenue (FBR) chairman Shabbar Zaidi said today  that collection of tax in Pakistan was very low so they were trying to improve the system by achieving a tax target to stabilize the economic situation.

In an interview, he said they have set a big tax target. “I am working according to a long-term strategy”, he added. “We have collected all the data and will discuss it with the experts”.

FBR chairman expressed that they have to take businessmen in confidence. People won’t pay tax until and unless income tax officer do not get on their nerves, he added. “It is important to improve the economy by building trust with businessmen”.

Newspakistan.tv

 

Hissan Sheikh

Karachi's S M Law College graduate Hissan Sheikh writes on crime and local politics etc.