ISLAMABAD – Pakistani nationals secretly withdraw $377 million from SwissBanks According to the annual report titled “Banks in Switzerland 2019”published by the Switzerland’s central bank, the Swiss National Bank.
The money of Pakistani nationals kept in the country’s banks has decreasedby 50% to $377, lowest ever level.
Since 2015, Pakistanis have consistently been withdrawing the wealth storedin the Swiss banks after a revised taxation treaty was signed betweenPakistan and Switzerland.——————————
In 2018, money kept by Pakistani nationals in Swiss banks stood at around$754 million.
The direct assets of Pakistani nationals kept in Swiss banks had peaked in2015 when it crossed the worth of $1.5 billion.
Read Top Stories
On the other hand, the assets of Pakistani nationals kept in Swiss banksthrough trustees or wealth managers has increased to $527 million in 2019from the $316 million of 2018.
The report notes that tax amnesty schemes accorded by former PM ShahidKhaqan Abbasi and incumbent PM Imran Khan and poor administrative structureof the Federal Board of Revenue (FBR) have impeded Pakistan’s ability tobenefit from the exchange of information by the Organisation for EconomicCooperation and Development (OECD).
