Can't connect right now! retry
Thursday Apr 18 2019

NAB law needs revision for business community to be free of fear: Asad Umar


ISLAMABAD: Finance Minister Asad Umar said late Wednesday the National Accountability Bureau's (NAB) law needed revision given the fear it has lately instilled in the Pakistani business community.

Speaking to a local TV channel, Umar acknowledged that the anti-graft watchdog has started probing the business sector now and was taking action, and that many businesspersons are now fearful of impending doom at its hands.

The business community should be freed from the NAB fear, he said, adding that for this to stop, there needed to be an amendment in NAB law

Umar referred to the prevalent ominous atmosphere in the private sector and mentioned that "only some" in the undocumented economy were wrong but not everyone.

The federal minister further talked about the amnesty scheme, explaining that at present, there were two opinions about it: one was to make it so expansive that a majority of people can benefit from it, and the other was that if it was made to cater to many, it would be criticised

The goal of the amnesty scheme is not to obtain money on a short-term basis, Umar underscored.

No consensus on new amnesty scheme

Earlier in the day, the federal cabinet had failed to reach a consensus in a meeting convened over the Asset Declaration scheme for undeclared assets.

While Information Minister Fawad Chaudhry had announced that the government decided to improve the scheme, the insiders present in the meeting, on the other hand, said most of the cabinet members were of the opinion that the premier take the nation into confidence before introducing the scheme.

The cabinet members said that in the given political situation no such scheme will be successful. They had noted that there should be action — instead of an amnesty scheme — against the tax evaders.

Umar, regardless, had maintained that the cabinet members should understand that it takes time for reforms to give desired results.