*DUBAI: Pakistan nationals have legalized their assets worth Rs1 trillionin foreign jurisdiction including Rs346 billion in the United Arab Emirates(UAE), highest in a foreign country, Khaleej Times said in a report.*
The assets whitened by Pakistanis in UAE, accounting for over one-third(34.5 per cent) of the total whitened foreign assets in the AssetsDeclaration Scheme, the paper said.
Overseas Pakistanis have expressed their trust over the amnesty schemelaunched by the PTI government.
Switzerland with its Rs114.8 billion legalized assets was next highest tothe UAE, the report said.
While in the UK Rs89.7 billion, Singapore Rs87.3 billion and British VirginIslands Rs48.9 billion assets were whitened, Director General forinternational tax at Federal Board of Revenue Dr. Muhammad Ashfaq Ahmedsaid in an interview with Khaleej Times.
He said most of the foreign assets owned by the Pakistanis is parked herethat’s why we chose this place to send the message to Pakistani nationalsacross the world that they have less than one week to benefit from taxamnesty and declare all their undeclared assets.
“On a bilateral arrangement, the UAE and Pakistan share full details of theproperty. As far as bank details are concerned, they are sharedautomatically,” FBR official said.
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The purpose of the amnesty scheme, which will end on June 30, 2019, is toallow the non-documented economy’s inclusion in the taxation system totrigger economic revival and growth by encouraging a tax compliance in theeconomy, Ahmed had earlier said while addressing the community and mediapersonnel in Dubai.
He revealed that some reports indicated a massive informal economy,estimated to be around 80-90 per cent of the formal GDP.
“Hence, the government decided to give a new lease of life to economy andintroduced amnesty. All the overseas Pakistanis have to declare theirearnings being generated in Pakistan and file tax returns,” he said.
He said it is an era of transparency and developed countries have endedsecrecy jurisdictions and developed a framework for sharing information oftheir residents’ assets in those countries.
