Sign in Subscribe
  • E-Papers
    • Profit Magazine
    • Pakistan Today
  • Headlines
  • Featured
  • Opinion
    • Comment
    • Editorial
  • Tech
    • Artificial Intelligence
  • World
  • Satire
Sign in
Welcome!Log into your account
Forgot your password?
Create an account
Sign up
Welcome!Register for an account
A password will be e-mailed to you.
Password recovery
Recover your password
Search
Sign inSubscribe
Profit Profit by Pakistan Today
Profit Profit
  • E-Papers
    • Profit Magazine
    • Pakistan Today
  • Headlines
    • Headlines

      Govt expands financial access for micro-enterprises: SMEDA, Mobilink bank join hands…

      Headlines

      OMAP urges Sindh to halt 1.85% infrastructure cess until price adjustment…

      Headlines

      Pakistan launches first hyperspectral satellite, ushering in new era of space…

      Headlines

      Aurangzeb concludes Washington visit with $1.2b IMF deal, boosts global investment…

      Headlines

      Punjab sets up Special Revenue Unit as tax collection surges 28%…

  • Featured
    • Cover story

      No, Gul Ahmed is not shutting down exports

      Editor’s picks

      Lithium batteries and shaving cream: inside Treet Corp’s latest diversification

      Editor’s picks

      PTCL’s Telenor acquisition: Inside the $400 million merger that reshapes digital…

      Energy

      KE’s power struggle comes to an end with Saudis on top…

      Editor’s picks

      As inflation slows, Security Papers’ revenues move at slower pace

  • Opinion
    • AllCommentEditorial
      Comment

      Can our economic policymakers find a way to wargame?

      Comment

      Pakistan’s high-stakes crypto experiment

      Comment

      Do Pakistani businesses know how to diversify their business portfolios?

      Comment

      Pakistan’s tax myth: It isn’t the people, its the government

  • Tech
    • AllArtificial Intelligence
      Artificial Intelligence

      Google to invest $15 billion in AI hub, data center in…

      Artificial Intelligence

      Apple sued over use of copyrighted books to train Apple Intelligence

      Headlines

      NADRA expands digital Identity Services with Pak ID App and new…

      Artificial Intelligence

      Experts project 7–12% GDP growth, 1 million jobs from Pakistan’s new…

  • World
  • Satire

Govt opposes abolishment of secrecy for foreign currency account holders

By
Monitoring Desk
-
15/03/2018
0
248
Facebook
Twitter
Linkedin
WhatsApp
Email

    ISLAMABAD: The suggestions put forth by the apex courting limiting movement of foreign currency within the country and abolishment of secrecy for forex account holders has received no support from the political leadership.

    This was revealed by government sources privy to these developments, reported Express Tribune.

    A report prepared by a committee comprising of three bureaucrats had presented its report before the Supreme Court two weeks ago.

    A committee was constituted by the apex court with State Bank of Governor, Tariq Bajwa at its helm to find ways of bringing back overseas bank accounts and properties back to the country.

    Both the bureaucrats and political leadership are on one page and agreed with the suggestion of offering a one-time tax amnesty to all Pakistani citizens, which would allow them to declare their hidden assets and legalize them at low tax rates.

    Sources revealed a meeting held at the Prime Minister’s office had discussed certain issues before the finalization of the report submitted to the apex court.

    Meeting was attended by Prime Minister Shahid Khaqan Abbasi, SBP governor, Federal Board of Revenue Chairman, secretary finance and all the PM’s economic advisers and assistants.

    In the meeting there was consensus over offering of off-shore tax amnesty scheme, but the bureaucracy and political leadership differed over its outline, a source in the finance ministry disclosed.

    The source said PM Abbasi wasn’t in favour of withdrawal of secrecy from foreign currency accounts and didn’t feel it was necessary to implement restrictions on tax-free inflows of remittances.

    The committee in its 30-page report has strongly advised in strengthening the current legal framework for transference and holding of foreign exchange overseas and in Pakistan and termed the present way arrangement too flexible.

    It also advised to curtail the depositing of foreign exchange purchased from the open market into foreign currency accounts within Pakistan.

    Furthermore, the committee also advised an end to abusing of Section 111 (4) a of Income Tax Ordinance 2001, presently utilized to whiten illegitimate money obtained from Pakistan and proclaiming them as foreign currency remittances.

    The committee’s report did an analysis of Pakistan’s ten biggest banks for FY 2016-17 and concluded a meagre 2 percent of remittances were above Rs10 million margin a year.

    It recommended limiting the free-tax flow of foreign remittances to an acceptable level.

    Also, the sources disclosed the government wasn’t favouring removal of protection available to foreign currency account holders.

    A member of the committee declining to be named said the report was its own review and was meant for the Supreme Court.

    • TAGS
    • FBR
    • Foreign currency account holders
    • Illegal wealth
    • Off-shore amnesty scheme
    • Offshore Assets
    • Tax avoidance
    Facebook
    Twitter
    Linkedin
    WhatsApp
    Email
      Monitoring Desk
      Our monitoring team diligently searches the vast expanse of the web to carefully handpick and distill top-tier business and economic news stories and articles, presenting them to you in a concise and informative manner.

      RELATED ARTICLESMORE FROM AUTHOR

      Headlines

      FBR reports Rs652bn in customs duty concessions for FY24, poultry and textile sectors among biggest beneficiaries

      FBR

      Rs11bn fraud probe against cement firms shelved due to transfer of FBR’s investigating officers

      FBR

      Pakistan’s fiscal framework agreed with IMF falls apart, needs crucial revisions 

      Whatsapp Newsletter
      Email Newsletter News Tips
      Profit by Pakistan Today
      Publishing Editor: Babar Nizami -- Editor Multimedia: Umar Aziz Khan -- Senior Editor: Abdullah Niazi -- Editorial Consultant: Ahtasam Ahmad -- Business Reporters: Taimoor Hassan | Shahab Omer l Zain Naeem | Shahnawaz Ali | Ghulam Abbass | Ahmad Ahmadani | Aziz Buneri -- Sub-Editor: Saddam Hussain -- Video Producer: Talha Farooqi -- Director Marketing : Mudassir Alam | Regional Heads of Marketing: Agha Anwer (Khi) | Kamal Rizvi (Lhe) | Malik Israr (Isb ) -- Manager Subscriptions: Irfan Farooq -- Pakistan’s #1 business magazine - your go-to source for business, economic and financial news.
      Contact us: [email protected]
      • Privacy policy
      Copyright © 2025. Pakistan Today. All Rights Reserved.