In the "Global Tax Commission Report" issued in relation to tax evasion, it is stated that Pakistanis have $19 billion and 20 crore dollars in offshore accounts, with more than half of that investment in real estate in Dubai. The report also mentions that after the Panama Papers leak, many Pakistanis transferred their funds from Swiss banks.
Regarding this matter, financial expert Dr. Akram ul Haq says that the Beneficial Ownership Law, which was enacted for offshore accounts, has also been implemented in Pakistan. It requires individuals to declare any beneficial interest in a foreign company, whether in the form of a trust or an offshore company, and set a limit that if you have a 10% interest, you must declare it to the Securities and Exchange Commission and in your income tax returns.
Speaking on the "Das" program on today's news, Dr. Akram ul Haq stated that because this report is old, the figures mentioned in it are likely lower than the actual amounts, and the amount declared by Pakistanis is higher.
The chairman of the Standing Committee at the time stated that $7.4 billion in assets were whitened, and Dr. Akram ul Haq mentioned that "you can estimate about $120 billion in various forms outside."
He also mentioned that they currently don't have information about Viegin Island because a new law will be implemented worldwide from January 1, 2024, which allows the exchange of tax havens' data.
He expressed his regret about the Panama Papers leak, where the names of 475 people were disclosed. In the years 2018-19, they all whitened their assets through amnesties, and it was unfortunate that only one individual was targeted, and the rest were given amnesty.