ISLAMABAD: More than 2,401 Pakistani nationals, who recently acquiredcostly properties worth over US$4 billion in Dubai, may get whitened theirundeclared assets abroad under the new amnesty scheme, introduced by thePakistan Muslim League-Nawaz government this week, the News has reported.
Officials associated with the Federal Board of Revenue (FBR) and State Bankof Pakistan (SBP) confirmed that 95% investors have not declared theirDubai assets. According to a confidential document available with thecorrespondent, around 2,401 plus super-rich Pakistanis had bought luxuryresidential villas/ flats/ estates in around a dozen renowned localities ofDubai in the past nine years.
Some 967 residential/ commercial properties were bought in luxury areas ofGreens, 75 precious flats in Emirates Hills, 165 properties in DiscoveryGarden (residential and commercial), 167 flats in Jumeirah Island, 123residential properties in Jumeirah Park, 245-plush flats in JumeirahVillage, 10 properties in Palm Deira, 160 in Palm Jabel Ali, 25 propertiesin Palm Juemirah Shorelines, 234 properties in International City and 230flats were bought in Dubai Cilicon, according to the document.
These Pakistani emerged as the second largest investors group being nineper cent of the total, as compared to 13pc for Indians, followed by 7pceach for British, Chinese, Iranians and Russians during this period.
The base price (lowest value unit) of a property in Dubai market wasAED1,000,000 and upper end properties were worth as high as AED15,000,000,say some known property consultants in Dubai.
This reporter has particulars of all those investors and the confidentialdocument contains particulars of some 34,000 rich families from 118countries (including some 7,000 from Pakistan) in all. For collecting allthese details, the correspondent met more than two dozen officials of theSecurities & Exchange Commission of Pakistan (SECP), FBR, SBP and FederalInvestigation Agency (FIA) in Pakistan, and a number of propertyconsultants in Dubai.
The Pakistani authorities hope that the new scheme would bring around Rs470billion only from Dubai. This correspondent made repeated requests viaemails, WhatApp and text messages to all prominent Pakistanis, who acquiredproperties through offshore companies in Dubai in the past six months, butonly 25 responded. Neither Pakistani mission in the UAE nor the Dubai LandAuthority responded to the queries made by the reporter.
Meanwhile, the FBR authorities told the reporter that the UAE confirmedparticulars of 55 proprieties, owned by 31 Pakistani nationals. Among themis the sister of PTI Chairman Imran Khan, Ms Aleema Khan, who’s at top ofthe list and she had concealed her property from tax authorities, revealedofficial documents exclusively made available to this correspondent. MsKhan acquired the property in Dubai but did not declare it with the taxauthorities.
The estimated cost of the property is around AED3 million, independentconsultants say. The FBR informed the Supreme Court that under Section 176of the tax laws, it served a notice on Ms Khan after she failed to disclosethe foreign asset with the tax authorities. Ms Khan neither confirmed nordenied it.
Abdullah Hashwani also did not disclose his Dubai/UAE properties. He ownsproperties in Dubai, FBR claims. He, despite several attempts made by thiscorresponded, did not respond to the queries.
By: Zahid Gishkori