FBR Chairman blames hundi / hawala system for damage inflicted upon economy

July 19, 2019 (MLN): Chairman of Federal Board of Revenue, Shabbar Zaidi has said that several companies in Pakistan are earning profits up to 25%.

Addressing a seminar in Islamabad on Friday, he said that industries have been closed down due to promotion of imports in the country.

He even expressed displeasure at the fact that Pakistan was importing shoes due to closing down of industries.

Moreover, he blamed the ‘hundi’ and ‘hawala’ system for the damage inflicted upon Pakistan’s economy.

He then went on to endorse Budget 2020, saying that the entire taxation system will be changed through it. Elaborating further, he said the government will charge more tax on income instead of goods and services.

Throwing praises at the very controversial CNIC condition, he said it has encouraged purchasing of over 50,000 rupees. He further backed it by saying that Prime Minister Imran Khan wants the CNIC condition to remain in force.

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