150 billion black money of Pakistani elite is abroad, reveals Shabar Zaidi

KARACHI: Former FBR Chairman Shabar Zaidi has revealed that 150 billion earned through illegal trade and tax evasion in Pakistan is in the form of overseas assets, involving elite trade associations and chambers of commerce. I am in the leading position.

Addressing a webinar under Positive Media Communications, the former FBR chairman said that after Zia-ul-Haq's era, tax evasion and illicit trade mafia was born in the country, making it difficult to do documentary business in Pakistan.

Laws and policies were enacted that promoted unorganized business while making organized and legal business more difficult.

Shabar Zaidi said that the Pakistani business community which considers illegal trade and tax evasion as a business is also an obstacle in the way of regional trade as it lacks competitiveness. If trade with India is restored then this business community will be free.

I am angry to see their faces because I know them and the names of all such people and I can also provide evidence.

Shabar Zaidi said that money from tax evasion and undocumented economy in Pakistan is invested in the election campaigns of political parties, an MNA seat costs Rs 200 million which is spent on rallies. Where does the cost of 360 seats come from? All these expenses are spent by the financiers who make money from the undocumented economy in the election and later recover.

Shabar Zaidi said that those who hide their capital out of Pakistan will soon face difficulties. Most of the businessmen have taken Maltese nationality and have assets in Swiss banks. They are not getting even one percent profit on assets abroad. Better profits can be made by declaring and transferring this capital in Pakistan.

Shabar Zaidi also termed the high tax rate in Pakistan as one of the reasons for tax evasion and undocumented business. He said that 74% tax is imposed on cigarettes in Pakistan due to which illegal trade of cigarettes is increasing and 30% illegal Being sold as.

He said that the illegal sale of cigarettes is the biggest cause of loss to the national exchequer due to tax evasion, besides sugar, batteries, electronic products, motorcycles, bicycles, cement, consumer products, packaged spices are those items. Who has the largest share in the illicit trade?