In the “Global Tax Commission Report” issued in relation to tax evasion, itis stated that Pakistanis have $19 billion and 20 crore dollars in offshoreaccounts, with more than half of that investment in real estate in Dubai.The report also mentions that after the Panama Papers leak, many Pakistanistransferred their funds from Swiss banks.
Regarding this matter, financial expert Dr. Akram ul Haq says that theBeneficial Ownership Law, which was enacted for offshore accounts, has alsobeen implemented in Pakistan. It requires individuals to declare anybeneficial interest in a foreign company, whether in the form of a trust oran offshore company, and set a limit that if you have a 10% interest, youmust declare it to the Securities and Exchange Commission and in yourincome tax returns.
Speaking on the “Das” program on today’s news, Dr. Akram ul Haq stated thatbecause this report is old, the figures mentioned in it are likely lowerthan the actual amounts, and the amount declared by Pakistanis is higher.
The chairman of the Standing Committee at the time stated that $7.4billion in assets were whitened, and Dr. Akram ul Haq mentioned that “youcan estimate about $120 billion in various forms outside.”
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He also mentioned that they currently don’t have information about VieginIsland 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 of475 people were disclosed. In the years 2018-19, they all whitened theirassets through amnesties, and it was unfortunate that only one individualwas targeted, and the rest were given amnesty.