ISLAMABAD: During his first public appearance since returning from medical leave, Chairman of the Federal Revenue Board (FBR), Shabbar Zaidi, reiterated documentation reforms, saying that money whitening networks continued to prosper despite the efforts by the government to shut down them.
FBR Chairman Shabbar Zaidi, who was one of the participants at the All Pakistan Chambers Presidents ‘Conclave 2020’ on Tuesday, said that the current government had taken several steps to combat the problem of unregulated tax-evaded income.
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However, he claimed that real estate is still the preferred route for ‘ black money ‘ whitening, along with holder prize bonds and dollars handed out to buy a property. However the government took several steps to reduce these activities, he added.
President Dr Arif Alvi, Minister of Planning and Development Asad Umar and Advisor to Prime minister Minister for Institutional Reform Dr Ishrat Hussain also addressed the gathering.
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With regard to the reforms, the Chairman of the FBR told the traders that they desired to bring reforms. He stressed the need for economic documentation. He added that only the registered company will survive for three to four generations, so I will advise you as an economist to pressurize the government over reform and documentation.