Islamabad: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that wealth transferred to offshore accounts as well as properties purchased abroad cannot be declared illegal as the owners of these assets enjoy legal protection provided to them under the Foreign Currency Accounts Ordinance 2001, according to news sources.
He expressed his views on the matter during a meeting of the National Assembly Standing Committee on Finance and Revenue, which was presided over by former finance minister Asad Umar, held at the Parliament House on Thursday.
The participants, including representatives from the State Bank of Pakistan, sought further clarification over the legality of the money sent abroad. Umar remarked that Pakistan recently made progress on the ‘Risk Assessment Framework Preparation’ and maintained its commitment regarding the placement of an effective regulatory regime to ensure justice.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
