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| Two pc tax whitens $32m thanks to FBR |
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Thursday, September 04, 2008
By Hanif Khalid
ISLAMABAD: A resident of Karachi has got his black money worth $32 million (approximately Rs2.5 billion) whitened by paying only two per cent tax under the Tax Investment Scheme, The News learnt here on Wednesday.
When approached, Member Direct Tax of the Federal Board of Revenue (FBR) Irfan Nadeem confirmed that a Karachi resident had got such a huge amount of black money whitened by paying just two per cent as tax under the Tax Investment Scheme announced recently by the FBR. He said that neither the current nor any future government would be able to ask about the source of income.
The FBR elaborated that under the scheme, any Pakistani citizen can get his movable and immovable property, which he did not show in the tax return up to June 30, 2008, whitened by filling a simple form and depositing two per cent of the amount declared by him as tax in any of the authorised branches of the State Bank of Pakistan or National Bank of Pakistan by December 31 this year. This would make all his illegal assets, in local or foreign currency, legal, he added.
"The scheme has met a great success and numerous people have got their assets whitened by paying just two per cent tax and more are coming in," the FBR member said. When asked about name of the resident of Karachi who whitened his black money, Irfan Nadeem said that under the Income Tax Ordinance and the Tax Investment Scheme, neither he nor any other official of the FBR is authorised to disclose the name or other particulars of those getting their black money whitened.
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ISSN 1563-9479 
