ISLAMABAD – Illegal assets of Pakistanis hidden in different tax havensacross the world have reached up to US$350 billion (Rs43 trillion), astartling revelation has been made by the authorities.
The authorities also revealed for the first time that only accounts andproperties worth Rs1,003 billion (US$8.1 billion) have been declared byover 5, 300 entities or individuals, under the Tax Amnesty Scheme 2018 overthe past three months.
“By the close of Amnesty Scheme 2018, on 31st July 2018, declarations from5,363 entities (individuals/companies) had disclosed foreign assets worthRs1,003 billion (US$ 8.1 billion), with major share of declared assetslocated in UAE. Properties/accounts holders in other tax-haven countriesbenefited only marginally from this scheme,” revealed the confidentialdetails submitted with the Supreme Court.
The declared amount of US$8.1 billion is around 2.3% of overall illegalaccounts worth US$350 billions by thousands of Pakistanis who allegedlyviolated national laws while establishing their assets abroad.
“Total volume of Dubai properties is over Rs4,240 billion with annualinvestment and growth of Rs220 billion where Pakistani propertyagents/investors were counting them as more than 5,000individuals/entities,” suggested the details Geo News exclusively collectedfrom the Federal Investigation Agency, State Bank of Pakistan, FederalBoard of Revenue, Securities and Exchange Commission of Pakistan, FinanceDivision & other financial institutions.
The shocking details also revealed that British government has listedPakistan among top 3 money laundering source countries, after Nigeria andRussia. Institutions have also cited reference of British National CrimeAgency’s 2018 report.
About top tax haven, the concerned institutions have also claimed thatPakistani citizens have stashed US$100 billion in United Kingdom and UnitedStates of America, with additional amount of millions of dollars parked inreal estate sectors. They have quoted findings of Mr. Shabbar Zaidi of AFFerguson, Pakistan in this report. An estimated over US$200 billion werestashed by Pakistanis in Switzerland, the report revealed, quotingstatement of Micheline Calmy-Rey/Swiss Foreign Minister in 2014.
The shocking details continued to reveal that millions of dollars have alsobeen stashed by hundreds of Pakistanis in Hong Kong, British VirginIslands, Bahamas Channel Island Seychelles and other tax havens forcorporate vehicles involved in money laundering.