$11 Billion In Offshore Accounts Of Over 150,000 Pakistanis
Minister of State for Revenue Hammad Azhar on Tuesday said that over 150,000 Pakistanis have a total of $11 Billion in offshore accounts and are being currently watched closely by the Federal Board of Revenue (FBR).
Addressing the business community at Lahore Chamber of Commerce and Industry (LCCI), Azhar said that 150,000 Pakistanis with offshore accounts are under close watch and if Pakistan can recover the total amount, the country will not have to ‘beg’ anyone for help.
He pointed out that most of the over 150,000 Pakistanis do not have documented business or trading platforms and that “one can understand the gravity of the situation when it comes to tax evasion,” he was quoted as saying by Express Tribune.
He said FBR, the National Database and Registration Authority (NADRA), Federal Investigation Agency (FIA) and State Bank of Pakistan (SBP) are profiling potential tax evaders and that NADRA was already halfway through.
Azhar said profiling of all such individuals will be complete by April this year.
Pakistan’s debt and liabilities rose to nearly Rs31 trillion at the end of September 2018 with an addition of Rs984 billion in just three months.
The increase came amid concerns over a rapid rise in the debt burden in coming months owing to currency depreciation and interest rate hike.
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