Islamabad: The IMF has demanded Pakistan to make a strict policy against money laundering and suspicious transactions under the guise of imports.
Discussions are ongoing between FBR, State Bank and IMF on tax collection plan, anti-money laundering and suspicious transactions in the next eight months of this financial year, in which FBR has collected sales tax from each sector, Complete details of Income Tax, Customs and Excise have been provided.
Sources say that there is also a possibility of agreeing on the tax collection mechanism mired in the cases, while the FBR has also planned to include retailers in the tax net from January. According to the sources, the FBR has assured the IMF to achieve the tax targets for the current financial year, while the caretaker government has assured the full implementation of the program.
According to FBR sources, the IMF has demanded a strict policy on money laundering under the guise of imports, suspicious transactions and steps taken by the FBR and State Bank to prevent money laundering under the guise of imports in tax-exempt sectors. Declared inadequate.
Sources say that the IMF has directed the FBR and State Bank to take strict measures to prevent money laundering by December. According to the sources, the IMF has suggested that the FBR and the State Bank should formulate a clear policy to prevent tax crime and suspicious transactions. The chain of elements involved in laundering should be broken and tax evasion should be stopped.
The IMF mission has demanded that the FBR’s capacity to eradicate money laundering and strengthen the enforcement system, more stringent penalties for dubious transactions should be approved in the Finance Bill in the upcoming budget.