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

[Pakistani Aircraft]

Is it illegal for a Pakistani businessman to open a bank account in a foreign land?

 

[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

Ticket collector , Ticket Seller, Security at Bus/Train stops , Drivers of Bus/Train
Food sellers on stations who sell goods. Accountants who audit the monthly reports
Banks/Account managers who handle the collection of cash into Government account





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

 

[Asian.Century]

https://twitter.com/x/status/1031560792943087619

 

[Strike X]

We need HMRC alike in Pakistan.

HMRC is very very strict and they will bring you down if you don't pay Tax. Everything is automated in the HMRC.

 

[newb3e]

hang them by their balls and make them sign the cheque

 

[prashantazazel]

All the money won't be from corruption. The upper middle and elite classes from south Asian countries really like to buy /stay in places like London/Dubai/Canadian cities.
Unless you build world class cities, these 'people and/or funds' will keep leaving town.

 

[pzfz]

Let's stop embarrassing ourselves. Pakistanis or Pak DOES NOT HAVE $350 billion ANYWHERE of ANY KIND, illegal or legal. Not even $3.5 billion.

This is the result of the usual desi journalism, willful ignorance, and wishful thinking. It started at about the exchange range of Swiss Francs held by Pakistanis (equal to 200 billion rupees at that time) and got translated by morons into 200 billion dollars. That too in rumors.

For more information, follow this thread, poignant remarks:

1. The #SwissWealth There have been terrible things on this. And a lot of confusion on the matter. There are few things that I can put in a thread FYI and my future follow up.

The Official docs that claim $200 Billion. They are also "assumed" & "reported" but not taken from any Swiss Authority's official document.

9. The #SwissWealth June 29, 2017 The SwissInfo news gives us some numbers of Pakistani money in Swiss banks. " Pakistan has ... CHF897.5 million deposited in 2016." which means USD 907.6 million. in short, 200 billion is an unrealistic number.

 

[Major Sam]

Let me just tell you one or two things.

In lasts 3-4 years Pakistanis have invested around 12B Usd in UAE. Its the amount which is on record. And you are saying it cant be over 3.5B. Pakistanis are not that much poor as you believe

https://www.geo.tv/latest/181616-fbr-seeks-details-of-pakistanis-illegally-owning-uae-real-estate

 

[Sugarcane]

Is it illegal for a Pakistani businessman to open a bank account in a foreign land?

Opening bank account in foreign land and stashing money in it, or buying properties overseas is not a crime, IF the wealth is earned and transferred by legal means. If you can't explain from where you accumulated it then it surely is crime in almost every country in these days.

 

[Major Sam]

Opening bank account in foreign land and stashing money in it, or buying properties overseas is not a crime, IF the wealth is earned and transferred by legal means. If you can't explain from where you accumulated it then it surely is crime in almost every country in these days.

Only crime is if you can not prove from wherr you get that money.

 

[Sugarcane]

Only crime is if you can not prove from wherr you get that money.

As per latest law in most of countries including Pakistan now is that if you can't explain the source then it's considered ill gotten and corruption. So, it can be confiscated by the government. Law abiding people shouldn't be worried about it.

 

[Norwegian]

Opening bank account in foreign land and stashing money in it, or buying properties overseas is not a crime, IF the wealth is earned and transferred by legal means. If you can't explain from where you accumulated it then it surely is crime in almost every country in these days.

It's tax evasion and thus a crime

 

[Sugarcane]

Let's stop embarrassing ourselves. Pakistanis or Pak DOES NOT HAVE $350 billion ANYWHERE of ANY KIND, illegal or legal. Not even $3.5 billion.

This is the result of the usual desi journalism, willful ignorance, and wishful thinking. It started at about the exchange range of Swiss Francs held by Pakistanis (equal to 200 billion rupees at that time) and got translated by morons into 200 billion dollars. That too in rumors.

For more information, follow this thread, poignant remarks:

1. The #SwissWealth There have been terrible things on this. And a lot of confusion on the matter. There are few things that I can put in a thread FYI and my future follow up.

The Official docs that claim $200 Billion. They are also "assumed" & "reported" but not taken from any Swiss Authority's official document.

9. The #SwissWealth June 29, 2017 The SwissInfo news gives us some numbers of Pakistani money in Swiss banks. " Pakistan has ... CHF897.5 million deposited in 2016." which means USD 907.6 million. in short, 200 billion is an unrealistic number.

There's no harm in investigating to find out the claims are true or not. But as far as your assertion that Pakistani don't have even $3.5b legal or illegal is concerned then for your information in FY 2016-17 alone over $15b was remitted out of Pakistan through banking channels. this figure doesn't include transfers through illegal means like Hundi, Hawala, Ayyan Malik etc.

 

[Pakistani Aircraft]

Opening bank account in foreign land and stashing money in it, or buying properties overseas is not a crime, IF the wealth is earned and transferred by legal means. If you can't explain from where you accumulated it then it surely is crime in almost every country in these days.

Only crime is if you can not prove from wherr you get that money.

As per latest law in most of countries including Pakistan now is that if you can't explain the source then it's considered ill gotten and corruption. So, it can be confiscated by the government. Law abiding people shouldn't be worried about it.

Take for example Pakistanis living abroad in the West and the Middle East for the past few decades, many have saved money in their Pakistani accounts.

Now if they wish to transfer any of the those proceeds to the country where they're currently residing, let's say Denmark to buy a house, will that transfer of proceeds from their Pakistani account to their Danish account fall under a criminal investigation in Pakistan?

 

[Sugarcane]

Take for example Pakistanis living abroad in the West and the Middle East for the past few decades, many have saved money in their Pakistani accounts.

Now if they wish to transfer any of the those proceeds to the country where they're currently residing, let's say Denmark to buy a house, will that transfer of proceeds from their Pakistani account to their Danish account fall under a criminal investigation in Pakistan?

Non-resident Pakistani fall in two categories,
1- Dual National, they have to comply with laws of their adopted countries - If they have earned all the money overseas, have no source of income in Pakistan and aren't living in Pakistan then they are not even bound to disclose anything to Pakistani government unless Pakistani authorities have evidence that money is laundered from Pakistan.
2- Pakistani nationals - They are required to file tax return as per law and disclose their overseas income and assets and GoP can ask them to prove that wealth is earned by legal means.