Finance Minister Senator Mohammad Ishaq Dar chaired a high level meeting, here today, to review proposals and recommendations on bringing about improvement and changes in the laws regulating the inflow and outflow of foreign exchange in the country, as well as disclosure of assets held abroad by Pakistanis.
State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan(SECP), and Federal Board of Revenue(FBR), submitted their separate reports, in the context of Finance Minister’s instructions given earlier on evolving the methodology to plug loopholes in the system that allow tax evasion and illegal transfer of foreign exchange from the country.
The three institutions also made presentations on the progress with regard to Finance Minister’s directions for cross verification and investigation in cases of persons having resident status and holding interest in off-shore companies as disclosed in Panama papers.
The Minister issued directions for early completion of the verification and advised the three institutions to further improve and firm up their recommendations after mutual consultation, following which a detailed report be presented to the Finance Minister.
The Minister said that the present government has the resolve to regulate the foreign exchange inflow and outflow in the country as well as to have effective law regarding disclosure of assets held abroad by our citizens. He said that amendments in the relevant laws would be made in the light of the recommendations put forth by SBP, SECP and FBR.PREVIOUS NEXT