International tax consultant Dr Ikramul Haq on Monday said government’s decision to approve the SECP proposal on revamping the Capital Gains Tax allowing investors to inject money without declaring the source of income can facilitate money laundering.
Talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch (PEW), he said that revamping CGT is violation of the Anti-Money Laundering Act, 2010 and international treaties signed by Pakistan, a PEW statement said.
The decision is to facilitate influential elements to conceal their source of illegally obtained money; it will bring a bad name to country and may irk foreign donors, he said.
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