Pakistanis Own $8 Billion in Foreign Accounts – FBR Obtains Data

  • FBR initiated investigation against people owning foreign bank accounts and didn’t avail of the amnesty scheme.
  • The FBR obtained data of 152,000 individuals from 28 countries owning $8billion.
  • 247 are identified with offshore companies and accounts that had not declared their assets in the recent tax scheme.
Pakistanis Own$8 Billion in Foreign Accounts – FBR Obtained Data
Pakistanis Own$8 Billion in Foreign Accounts – FBR Obtained Data

The Chairman of the Federal Board of Revenue (FBR), Shabbar Zaidi, claimed that Pakistanis have stashed $8billion in banks around the world.

These remarks were given during a briefing National Assembly Standing Committee on Finance and Revenue, he said:

“In 2016, the government had signed an agreement with the Organization of Economic Cooperation and Development (OECD) in 2016. The treaty has assisted Pakistan exchange data with 28 countries.”

Mr. Zaidi said that FBR has received the information about 57,450 foreign accounts. A massive sum of money, nearly $5 billion, was dumped in 378 accounts.

Obtained Data:

Data of about 152,000 Pakistanis have been received from 28 countries. Out of this data, FBR found that 378 individuals own more than $1 million.

Furthermore, 123 individuals own $750,000 to $1 million, 154 individuals own about $0.75 million, 1,325 are those who own $0.5 million and 11,201 individuals who own $1,000 to $0.1 million in their foreign bank accounts.

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FBR also told the committee that out of 453 individuals, only 115 have availed themselves of amnesty scheme in 2018 and 72 availed themselves of amnesty scheme in 2019.

The Standing Committee’s session was organized by MNA Asad Umar. He said that the data identified 247 people with offshore companies and accounts that had not declared their assets in the recent tax scheme. Further, he directed the FBR to take action against them if they do not disclose their assets.

DG International Taxation of FBR also attended the meeting and briefed the National Assembly on the difficulties the department faced in acquiring the data as only names of the individuals were available.

The Standing Committee agreed to get another briefing on the matter in November 2019, after the end of the amnesty scheme.

 

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