PAK CITIZENS STASHED AWAY $11BN ABROAD, SAYS MINISTER

ISLAMABAD : Some 152,000 Pakistani nationals have stashed away $11 billion in offshore accounts and are currently under a government’s watch list, a minister has said.

Minister of state for revenue Hammad Azhar told the business community at the Lahore Chamber of Commerce and Industry (LCCI) that Pakistan would not need to beg from anyone if it could recover the $11 bn parked in offshore accounts. He pointed out that over half of that amount had not been declared and also no amnesty had been sought.

“In fact, many Pakistanis who possess this wealth don’t own any documented business or other trading platforms,” he said. “Hence, one can understand the gravity of the situation when it comes to tax evasion.”

According to the minister, various government departments including the National Database Authority (NADRA) were currently engaged in the largest 360degree profiling of potential taxpayers in Pakistan. “NADRA’s heavy servers are busy in computing algorithms round the clock of such tax evaders who are in millions,” he said, adding that almost half of the work had been done.By the end of April, he said, the profiling of all such tax evaders would be completed.

The business community and LCCI president Almas Hyder raised the issue of harassment faced during raids conducted by tax teams during trading hours.

“The Federal Board of Revenue (FBR) is humiliating the taxpayers whereas tax evaders and non-filers continue to do their routine business without any threat of such raids,” Hyder remarked.

“Around 99.4% of tax revenues are generated through business and commerce whereas only 0.6% is being collected from the agriculture sector.”