CHINIOT-The chairman of National Assembly’s Standing Committee on Finance has directed the departments concerned to devise ways to bring back a USD 80 billion investment made by Pakistanis in various countries.

Qaisar Ahmad Sheikh added that that approximately USD 80 billion had been invested by Pakistanis in various countries of the world. He said that he had directed the Federal Board of Revenue (FBR), FIA, SECP, State Bank of Pakistan and other departments to investigate the huge investments; identify the investors and ascertain how the money was sent abroad - through money laundering or official channels.

Addressing a news conference at his office on Sunday, h e said that a subcommittee had also been established under the chairpersonship of Dr Shizra, MNA to further probe the matter and held meetings with departments concerned.

He criticised that the government had made new regulatory duties worth billions of rupees without taking into confidence the parliament and the Standing Committee on Finance. He opined that indirect taxation was affecting the common man and such taxation be discouraged to increase the national revenue.

He said that he recently met with Prime Minister Shahid Khaqan Abbasi and offered him to generate another 500 billion rupees through taxation reforms and voluntary tax payments.

The prime minister, he said, thanked him for the offer and promised to consider his recommendations. Regarding developmental activities in his constituency NA-86, he said that gas supply to 50 villages had been commissioned while the dual carriage way construction of Chiniot-Faisalabad Road will be started soon with a cost of 2 billion rupees. The Higher Education Commission had also approved 500 million rupees for the establishment of a sub-campus of Govt. College University Faisalabad in Chiniot.