Business

NAB suggests FBR to collect data of stock exchange transactions

ISLAMABAD: Pakistan’s National Accountability Bureau (NAB) on Tuesday directed Federal Board of Revenue (FBR) to initiate investigation to find out sources of investment in stock exchanges in the country, ARY News reported.

According to details, NAB has decided to tighten the noose around investors using black money in the stock exchanges of country and has directed FBR to collect information regarding investment sources without fearing adverse market reactions.

The move directed at curbing tax evasion also includes recommendation for bilateral/multilateral agreements with countries where Pakistani nationals hold any assets for which a source of income could not be established.

It must be noted that despite inking a number of MOUs with Chinese President Pakistani stocks closed lower on Tuesday, with the Karachi Stock Exchange 100-share index closing down 0.81 percent or 268.87 points at 33,035.77.

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