$40bn sent abroad in last 40 years, FBR chairman says


ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Tuesday told the Senate’s Standing Committee on Finance that around $40 billion have been sent abroad during the last 40 years.

The FBR chairman further told the Senate Standing Committee on Finance that the lenient foreign currency laws in the country were exploited to send this amount abroad. Money changers and exchange companies used this for their own benefit, he added.

He said that decision has been made to tighten the noose around tax evaders and very soon a directory of those who invested in offshore entities would be published.

The committee accepted the suggestion that CNIC would be demanded from those transferring Rs5 million from abroad.