September 29, 2020

PTI Unable To Recover $7.5b From Offshore Accounts

The state of Pakistan has stopped following people who have a stockpile of $ 7.5 billion in over 152,000 foreign bank accounts; these identities were shared by the organizations for Economic Cooperation and Development (OECD) with Pakistan.

This year in January, no report was issued by the Federal Board of Revenue (FBR) to the citizens who had offshore bank accounts, Mohammad Ashfaq FBR’s Director General of international taxes disclosed in a meeting of the National Assembly Standing Committee on Finance. Asad Umar, former PTI finance minister, led the standing committee conference. The Economic Cooperation And Development (OECD) discussed with the tax officials data on more than 152,000 accounts operated by Pakistani nationals.

Last year in September, the Economic Cooperation And Development (OECD) discussed with the tax authorities and shared information about over 152,000 bank accounts owned by Pakistani nationals. The FBR processed only those bank accounts where deposits were in excess of $500,000 or Rs. 80 million.

The PTI government shoved PKR 516 billion in increased bills. It is recorded that the highest payment in one account was $137 million (PKR 22 billion). Furthermore, General Ashfaq stated that $7.5 billion was deposited in these 152,000 accounts and only 650 individuals held over $4.5 billion.

Asad Umar also conveyed his displeasure at the FBR’s inability to create a massive tax evaluation in OECD cases considering a legal change introduced by the government.

Besides, the PTI government has not set up the purpose of recovering the OECD tax, which also shows that there is no demand from the former ‘‘information treasury’’.

Moreover, he said that IMF had not compelled the choice to remove the zero-rating plant from the five export-oriented industries, instead, it was the states own choice.

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