FBR to prepare draft of action plan against underground & black money


Islamabad : Federal Board of Revenue (FBR) has prepared the draft of action plan against the trillion rupees of underground, illegal and black money in the country while the draft will be presented to the finance minister in the next meeting to be held in coming days.

Official sources told that the action plan has been prepared with consultation of Tax Reforms Commission. The draft is being presented in the tax reforms committee for further approval while four sub-groups are also being constituted in this regard to finalize the action plan, sources added.

Sources also said that the short term actions mentioned in the proposed action plan will be implemented till June, 30 2019; however, the long term actions mentioned in the plan will be discussed in the next fiscal year 2019-2020 budget.

Sources said that tax evasion is a predicate offence under Anti-Money Laundering Act 2010. The government has appointed the Directorate General of I&I-IR as investigating and prosecuting agency in cases where tax-evaded money is laundered.

Meanwhile, under the action plan it is also decided to make more effective units and departments against the underground, illegal and black money in the country.