NBR withdraws black money whitening facility

The National Board of Revenue (NBR) has withdrawn the provision which allowed taxpayers to whiten black money without scrutiny by paying a 15 percent tax.

The tax authority today issued a notification in this regard.

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

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.