Over 150,000 foreign accounts of Pakistanis discovered with accumulative amount worth billions of dollars

Over 150,000 foreign accounts of Pakistanis discovered with accumulative amount worth billions of dollars
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ISLAMABAD - The FBR has obtained details of 150,000 foreign accounts owned by Pakistanis, including 400 accounts with over $1 million in them.

Notices are being sent to the 400 account holders and the FBR will be sending notices to the owners of the remaining accounts with less than $1 million in them soon.

The National Assembly’s Standing Committee on Finance was informed that this data is being analysed and taxes will be recovered from these account holders.

FBR Chairperson Mohammad Jehanzeb Khan said they could not say how much money would be recovered in taxes. It is estimated that the amount could touch Rs340 million.

Some people have more than one account, Khan told the standing committee.

He also briefed the members on number of benami (without name) accounts in the country. However, when the chairperson said there are 8,000 such accounts, a member of the committee, Dr Aisha Ghaus Pasha, countered that the number is in the hundreds of thousands and that the FBR’s data was incomplete.

The FBR will recheck their information and present a briefing to the standing committee at a later date.

Economy