Around 120 bln dollars illegally transferred to overseas: Shabbar Zaidi

KARACHI: Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Wednesday said that the time has come for us now to stand on our feet, ARY News reported.

The FBR chairman was talking to newsmen after addressing convention of the Management Association of Pakistan (MAP) in Karachi.

Zaidi said that the work has started now in an organized manner and in a correct direction.

An staggering amount of 120 billion dollars was illegally transferred to foreign countries from Pakistan, he said.

Talking on facilitation to taxpayers, FBR chairman said that the taxpayers should be given facility of the cash transfer. Taxpayers can also open foreign currency accounts, he said.

Replying a question he said that the number of income tax filers has crossed the limit of 2.5 million.

He said the taxation authority will make the process of filing tax returns further easier in coming days. Sales tax return has now been restricted to one page, Zaidi said. He said implementation of the National Identity Card (NIC) condition is suspended till September.

Responding a question Zaidi said that tracing benami assets is not an easier task, the prime minister has issued strict orders for it, he said.

FBR chairman earlier addressed the MAP convention as the keynote speaker on the topic of “Business friendly tax regime, increasing the tax net and documentation of economy.”