ISLAMABAD: The Chairman Federal Board of Revenue (FBR) Tariq Mahmood Pasha, said that FBR was carrying out an investigation into the transfer of gifts abroad, in this connection, use of legal channel for transfer as well as earning of money through legal means are being looked into.
While briefing the Senate Standing Committee on Finance and Revenue here, Tariq Mahmood Pasha assured the house that findings of the investigations would be shared with the house as per recommendations of the committee.
He further briefed the committee that the investigations were being carried out in accordance with the rules and regulations of the prevailing two laws namely Anti-Money Laundering Act and Combating the Financing of Terrorism (AML/CFT). According to him, these laws provided sufficient provisions for conducting and concluding the investigations in an adequate manner.
Pasha told the committee that the case of gift arrangements involved some 2785 individuals through money laundering; however, it has yet to be ascertained whether the involved individuals have committed violations of the said acts or not.
He said that the case was under initial scrutiny and FBR would brief regarding the outcomes in future meeting. “The FBR has corrected the report regarding amnesty scheme for motor vehicles and it was proposed to put up the report in the house” he maintained to a question moved by a member of the committee.
The chairman committee Saleem Mandviwala stressed that FBR must not try cases of taxpayers under the above mentioned act.
Earlier, the committee initially considered the Private Member Bill presented by Senator Muhammad Azam Khan Swati regarding amendment in the Financial Institutions (Recovery of Finances) Ordinance, 2001.
As per the Deputy Governor State Bank of Pakistan one such Bill had been incorporated in 2016 which had contained a similar amendment. Hence, Senator Azam Khan Swati decided to withdraw his bill.
The committee took up the second item on agenda of discussing the Private Member Bill introduced by Saleem Manviwalla regarding the amendment in Protection of Economic Reforms Act, 1992. The chairman decided to send recommendations to the Finance division regarding it.
The committee chairman took note of the issue of alleged manipulation of Share prices by Bank of Punjab in order to offload shares and take 70% control of the Bank rights. The committee heard the complaints of the shareholder; so the Chairman directed the SECP and SBP to provide a reply in the next meeting.
