NBR scraps provision to whiten black money

The National Board of Revenue has cancelled the provision which allowed taxpayers to whiten black money without scrutiny by paying a 15 percent tax.

The tax authority issued a notification in this regard today.

The development comes a few days after Syeda Rizwana Hasan, the environment adviser, told journalists that the interim government would scrap the provision.

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Eliminate scope to whiten black money

The exemption allowed taxpayers to legalise undeclared income without facing any questions about the source of wealth. However, the taxpayer would have to pay a 15 percent tax on their assets, including cash, for the current fiscal year.

The decision drew sharp criticism from economists, trade bodies and civil society.

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Whitening Black Money: ‘Unethical, unjust and unacceptable’