Pakistanis own assets worth $150bn in UAE, SC told, estimated foreign accounts over $350bn

[AHMED85]

ISLAMABAD - The Federal Board of Revenue (FBR) has stated issuing notices to Pakistanis for not disclosing their properties and assets in United Kingdom (UK) under the Tax Amnesty Scheme.

"We have received information of those Pakistanis who illegally own property in the United Kingdom," said FBR chairperson Rukhsana Yasmin on Monday. "The data was received from UK Tax Authorities". She further said that FBR would take action those Pakistanis who did not disclose their properties under the recent tax amnesty scheme, which given an opportunity to whiten the black money by paying nominal tax. The UK tax authority, HMRC, has shared with FBR full details of Pakistanis owning properties and earning rental incomes, she added.
The FBR in last month had obtained information about immovable properties owned by the Pakistanis in the United Kingdom with the assistance of Organisation for Economic Cooperation and Development (OECD) and the UK tax authorities. Another official informed The Nation that no one can hide its assets abroad after September as Pakistan would start receiving exchange of information about offshore accounts from OECD nations.


https://nation.com.pk/07-Aug-2018/fbr-plans-action-against-uk-assets-holders

 

[Arsalan]

Any reference to this news? The figure of 350 billion is a bit too much. I am pretty sure it is either a misunderstanding OR another case of creating hype just to sell the news. Cannot be true.

 

[Syed1.]

I don't believe news like this unless a genuine and renowned source/reference is provided. This $350 billion figure seems like an "old wives tale" and seems grossly overstated.

 

[Pakistani Aircraft]

Any chance Pakistan could get those back??

Well, look at this way. Even the world's only Superpower, the US has tried to get money of its citizens back from Switzerland and has not succeeded so far.

I am skeptical how much of this report is actually true as Governments don't usually share such sensitive information with other Governments and foreign agencies if there's no legal requirement to do so.

 

[xyxmt]

That's a defeated mentality that never got any one anywhere...
We don't defeated mindsets, we need people who believe and go and get things done.
I hope people who are going to deal with the situation will be the second type and not like you mate

I wish you good luck but I will tell you one thing, SBP is pulling that list from their behind they dont even know about the illegal money stashed inside Pakistan let alone outside the country.

 

[Chakar The Great]

Well, look at this way. Even the world's only Superpower, the US has tried to get money of its citizens back from Switzerland and has not succeeded so far.

I am skeptical how much of this report is actually true as Governments don't usually share such sensitive information with other Governments and foreign agencies if there's no legal requirement to do so.

Completely agree. Also if they are paying taxes abroad, you cant just simply transfer that money to Pakistan.

 

[CIS-TRANS]

Find those who own these assets, declare them traitor, excute them all in front of public and make it an example for future so no one even dare to do that again or be prepared for humiliating death.

 

[SecularNationalist]

2 Sqds? I'd say 2 factories

Oops sorry my mistake i thought its was $3.5 billion. Yes in $350 billion we will establish not 2 but hundreds of factories.

 

[Asian.Century]

SC wants to get back Rs600 billion stashed abroad by Pakistanis
The Newspaper's Staff Reporter
Updated August 08, 2018

ISLAMABAD: The Supreme Court on Tuesday made known its desire to bring back at least Rs600 billion of a perceived Rs1 trillion stashed in foreign lands by Pakistani nationals.

Many Pakistanis maintained accounts and owned properties in foreign lands, including the United Arab Emirates and Switzerland, deplored Chief Justice Mian Saqib Nisar during a suo motu hearing pertaining to illegal transfer of money from Pakistan to foreign countries.

The case was initiated when it came to the notice of the court that a large number of Pakistani citizens are maintaining accounts in foreign countries without disclosing to the authorities or paying taxes on them under the law.

Seeks details of Musharraf, Zardari’s properties

A lot of amount of money had been transferred away but the top bureaucracy of the country always came out with excuses whenever they appeared before the court, the chief justice regretted.

The court also hinted at issuing notices out of the list prepared by the Federal Investigation Agency (FIA) to learn reasons why such people did not take advantage of the amnesty scheme launched by the previous government for voluntary disclosure of foreign assets owned by Pakistani citizens.

The scheme was launched to provide an opportunity to declare or transfer foreign assets to Pakistan in lieu of payment of taxes.

On March 26, former prime minister Shahid Khaqan Abbasi had announced the scheme after which the federal government promulgated the Foreign Assets (Declaration and Repatriation) Ordinance, 2018.

The significant feature of the ordinance is the promised immunity from taxation and penal action in respect of undeclared foreign assets subject to payment of taxes, etc.

Earlier, a 12-member committee of experts, headed by State Bank of Pakistan (SBP) Governor Tariq Bajwa, had informed the Supreme Court through its report that a staggering amount of $15.25bn was transferred abroad by individual account holders in Pakistan during 2016-17 through normal banking channels. Likewise, a substantial amount of transfers also took place from Pakistan under unauthorised and undocumented hundi and hawala mechanism.

The committee had feared that both types of outflows — regular channel and hundi or hawala — had a huge impact on the stability of the country’s foreign exchange reserves and adversely affected the exchange rate of the Pakistani rupee.

As a result, the national economy become vulnerable to pressure due to foreign currency obligations of the state, the report had explained, adding that this trend could also cause Pakistan to suffer undue and disruptive inflation and could drain the exchequer of substantial amounts of tax on account of escaped income and wealth.

The SBP governor, however, sought time from the court so that the central bank could formulate a strategy to deal with the matter.

On Tuesday, the same bench directed former presidents retired Gen Pervez Musharraf and Asif Ali Zardari as well as former attorney general Malik Qayyum to submit affidavits showing details of their properties.

The court is seized with a petition of Advocate Feroz Shah Gilani, president of the Lawyers Foundation for Justice, in which he had named Pervez Musharraf, Malik Qayyum, Asif Ali Zardari and the National Accountability Bureau as respondents.

The chief justice observed that accountability should begin with people in powerful positions and directed senior counsel Farooq H. Naek to submit affidavits containing details of Asif Zardari’s assets.

Mr Naek, however, argued that both Asif Zardari and Bilawal Bhutto-Zardari had recently submitted their asset details with the Election Commission of Pakistan in their nomination papers.

In his petition, Mr Gilani had requested the court to order recovery of huge amounts of public money misappropriated and wasted by the respondents through unlawful means already on record in different judgements of the Supreme Court and high courts.

Published in Dawn, August 8th, 2018

What is the reference of this news ?

https://www.thenews.com.pk/print/352126-pakistanis-hide-rs43-trillion-assets-abroad

 

[Verve]

2 nails in the coffins of the badmashia:

1 - Affidavit to SC declaring their assets
2 - Amnesty Scheme where these looters have confirmed their loot and been identified

This is bad for a lot of people. Really bad! Amnesty only covers money brought back to Pakistan, but not money still stashed overseas.

 

[Asian.Century]

Watch this must programme:

 

[Asian.Century]

Who is this a direct challenge to new govt:

https://twitter.com/x/status/1028687962719043590

 

[Asian.Century]

Here is direct challenge to PTI govt and Imran Khan:

https://twitter.com/x/status/1028687962719043590

 

[AZADPAKISTAN2009]

It is an illusion about a magic lamp which you will rub to solve all Pakistani Issues
It will be quite difficult to recover such assets from overseas.

Only Option Pakistan have is going forward the future

A) Taxation reform , a Universal 35% Taxation on all Goods in Pakistan
Will get Pakistan handsome result

Population Size: 200 Million
People who work : Assume 50% of population So 100 Million people
Average Income : 550 USD per month << Average income in Pakistan is higher then this

Total Money in hands of Pakistan = 55 Billion DOLLARS

Assume 70% is spent on goods , and 30% on Saving in bank

70% of 55 Billion Dollar = 38.5 Billion Dollar are spend on goods

Now lest apply the Sales Tax
@35% Pakistan can collect 13.475 Billion per month from Sales tax

Comes to about 161 Billion Dollar per year just from Minor Sales Tax Introduction

<<This is bigger then any IMF or world bank Loan>>>

B) Converting 15 Metro Cities of Pakistan into Train / Bus friendly Cities

Number of Cities : 15
Traveler in City : 3 Million People who travel each day
Two way ticket cost : 2 Dollar

1 City can generate 6 Million Dollar in 1 Day
15 Cities can generate 90 Million Dollars in 1 Day


In 365 Days , or 1 Year you can generate a massive 32 Billion Dollars



So that is the Ultimate Solution

Taxation Reform : 161 USD Billion Extra
Bus /Train friendly 15 cities : 32 USD Billion Extra


Looking at almost a 200 Billion Transformation


In order for this to work
a) Motor cycles will have to be 100% banned
b) Higher taxes on Private car Petrol

• When City Metro / Train services are fixed , million of Jobs will be created as a side effect

TV people keeping saying money is outside , I say no Money is in our hands we just waste it daily with expensive Motor cycle fuel purchase

 

[jupiter2007]

It’s close to 600 billion. There is corruption in every level of government. PTI governments must make laws and development a system to implement these laws. Once they do that, it will be easier to catch the corrupt mafia.