Do you know Pakistani government can collect $17 billion through taxes on foreign investments? According to authorities investigating illegal foreign accounts and assets Pakistanis have assets worth $350 billion (Rs. 43 trillion).
Despite the Amnesty Scheme 2018 only a small proportion of Pakistanis benefited & disclosed their accounts. The statistics indicate that like previous years this Amnesty Scheme also failed to convince Pakistanis with foreign assets to become part of the tax net.
The foreign assets disclosed in the Amnesty Scheme and those which were not disclosed in the scheme are as follows:
Assets Disclosed: $8.1 billion (Rs 1,003 billion)
Tax Collected : Rs. 44 billion
Remaining Foreign Assets: $350 billion (Rs. 43 Trillion)
Tax which can be applied (2%-5%): $7 billion – $17.5 billion (Rs. 860 billion – Rs. 2150 billion)
It means Federal Board of Revenue (FBR) can collect $17 Billion in tax if Pakistanis with foreign assets decide to disclose their asset to FBR.
So far Rs. 121 Billion have been have been collected through amnesty scheme, Rs. 77 billion in domestic scheme while Rs. 44 billion on foreign amnesty.
Dubai is the favourite destination of Pakistanis for off shore investment where more than Rs. 4,240 billion has been invested in properties. The top 3 destinations to hide assets are:
- Dubai
- UK
- Switzerland
The British government has listed Pakistan among the top three countries of money laundering source. They ranked Pakistan only after Nigeria & Russia which are known to be famous for money laundering.
