Non-resident Pakistanis have $ 7.5 billion in their bank accounts

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Non-resident Pakistanis have $ 7.5 billion in their bank accounts

Non-resident Pakistanis have $ 7.5 billion in their bank accounts

Non-resident Pakistanis have $ 7.5 billion in their bank accounts.ISLAMABAD: The Standing Committee on Finance of the National Assembly Thursday expressed dissatisfaction with the performance of the RBF so that people enter the tax system on a total of 152,000 bank account details received from the Organization for Economic Co-operation and Development (OECD) and the President of the FBR then convened Shabbar Zaidi.

As part of the automatic exchange of information, the FBR informed NA’s expert group that it had received information from 28 countries on 152,000 non-resident Pakistanis who had deposited $ 7.5 billion in their accounts.

banking. So far, no progress has been made to attract these people to the tax network. The NA panel asked the FBR chair to inform the committee about the automatic exchange of information from the OECD mechanism at its next meeting.

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The meeting also postponed the adoption of the Foreign Exchange Regulations Amendment and the Money Laundering (Amendment) Act 2019, due to the absence of representatives of the Ministry of Finance.

Non-resident Pakistanis have $ 7.5 billion in their bank accounts and read more

The committee held its meeting on Thursday under the chairmanship of Asad Umar, during which RBF officials said warnings were sent to those with $ 0.5 million in their bank accounts. “We sent notices to 650 people with $ 4.5 billion, 60 per cent of whom had used the latest amnesty plan put in place by the last PML-N government,” said Hamid Ateeq Sarwar, a member of the government. IRS. from FBR, to the NA panel.

Asad Umar said the government should take the NA committee seriously. He said that the amnesty plan was announced late. In the latest wealth declaration system, the RBF member stated that the RBF had received a total of 119,595 returns until Wednesday, July 3 at midnight and that a tax of Rs. 55 billion had been collected.

About 95% of the returns were received from non-respondents and 5% from existing taxpayers. “We hope that the RBF will increase by 15 billion rupees more,” he said, adding that the amnesty should raise 70 billion rupees of tax against 124.8 billion rupees during the mandate of the PML-N regime in 2018.

The Committee also noted the real estate sector’s problems as a result of uncertainties related to the implementation of the DC rates, the increase in the value of RBF and recommended to the Finance and Investment Advisor. in revenue to coordinate with provincial governments to address anomalies in this regard. consider

The committee also directed the RBF to clarify as soon as possible the increase in property rates on the RBF. The Committee felt that a single evaluation mechanism should be put in place to define property ownership rates in the country.

The committee postponed the agenda for the work plan assigned by the Special Committee on Agricultural Products for Agricultural Development in the country and ordered Fakhar Imam or any other member of this committee to be invited to the next meeting.

The committee convened the chairman of the Pakistan Competition Commission (CPC) to explain the reasons for the sharp rise in prices of cement, flour, sugar, domestic airfares and the auto industry in the country.

We expect the RBR to collect an additional Rs.15 billion, “he said, noting that the amnesty should raise a tax of Rs 70 billion against Rs 124.8 billion under the mandate. of the PML-N regime in 2018.

The Committee also noted the real estate sector’s problems as a result of uncertainties related to the implementation of the DC rates, the increase in the value of RBF and recommended to the Finance and Investment Advisor. in revenue to coordinate with provincial governments to address anomalies in this regard. consider

The committee also directed the RBF to clarify as soon as possible the increase in property rates on the RBF.

The Committee felt that a single evaluation mechanism should be put in place to define property ownership rates in the country.

The committee postponed the agenda for the work plan assigned by the Special Committee on Agricultural Products for Agricultural Development in the country and ordered Fakhar Imam or any other member of this committee to be invited to the next meeting.

The committee convened the chairman of the Pakistan Competition Commission (CPC) to explain the reasons for the sharp rise in prices of cement, flour, sugar, domestic airfares and the auto industry in the country.

 

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