Pakistanis legalize Rs1 trillion foreign assets in amnesty scheme : Khaleej Times

Bilal Raza

Prime Minister (20k+ posts)

DUBAI: Pakistan nationals have legalized their assets worth Rs1 trillion in foreign jurisdiction including Rs346 billion in the United Arab Emirates (UAE), highest in a foreign country, Khaleej Times said in a report.

The assets whitened by Pakistanis in UAE, accounting for over one-third (34.5 per cent) of the total whitened foreign assets in the Assets Declaration Scheme, the paper said.

Overseas Pakistanis have expressed their trust over the amnesty scheme launched by the PTI government.

Switzerland with its Rs114.8 billion legalized assets was next highest to the UAE, the report said.

While in the UK Rs89.7 billion, Singapore Rs87.3 billion and British Virgin Islands Rs48.9 billion assets were whitened, Director General for international tax at Federal Board of Revenue Dr. Muhammad Ashfaq Ahmed said in an interview with Khaleej Times.

He said most of the foreign assets owned by the Pakistanis is parked here that’s why we chose this place to send the message to Pakistani nationals across the world that they have less than one week to benefit from tax amnesty and declare all their undeclared assets.

“On a bilateral arrangement, the UAE and Pakistan share full details of the property. As far as bank details are concerned, they are shared automatically,” FBR official said.

The purpose of the amnesty scheme, which will end on June 30, 2019, is to allow the non-documented economy’s inclusion in the taxation system to trigger economic revival and growth by encouraging a tax compliance in the economy, Ahmed had earlier said while addressing the community and media personnel in Dubai.

He revealed that some reports indicated a massive informal economy, estimated to be around 80-90 per cent of the formal GDP.

“Hence, the government decided to give a new lease of life to economy and introduced amnesty. All the overseas Pakistanis have to declare their earnings being generated in Pakistan and file tax returns,” he said.

He said it is an era of transparency and developed countries have ended secrecy jurisdictions and developed a framework for sharing information of their residents’ assets in those countries.

“Last year, Pakistan received information from 28 countries and UAE was one of them. This year, we are going to receive from 71 countries. In the next two to three years, the number could go beyond 100 countries with whom Pakistan will exchange this information,” he said.


Source
 
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pkpatriot

Minister (2k+ posts)
Looks massive...
But amnesty should be followed by ruthless action against those who still have hidden assets after amnesty.

The best part is
The economy will be documented...
But corrupts in law enforcing agencies should be tightened to regulate the economy.
 

umer_javed

MPA (400+ posts)
almost 6 billion US$. good one.

(Comment Edited)

But government will get only 5% out of it, so 5% of $6 billion will be only $300 million = approx 50 Arab Rs which is good amount but not at the level what we are expecting.

Overall good progress.

Regards,
 
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AhmadSaleem264

MPA (400+ posts)
Local media was declaring it a failed scheme. Our local media has got serious credibility problem after this. It seems that local pakistanis are either delaying the declarations or not interested in the scheme whereas overseas pakistanis have shown opposite trend. Overall really a good progress.
 

v r imran k

Chief Minister (5k+ posts)
Raat kamran Khan bakwas kr raha tha khirki tour crash nahi parra agr 10 kharrab sy ziada asset declare kiay gaiy hsin tu Kia yay kamiyab nahi
 

iam61405

Citizen
KT said one trillion and ARY interpret that as 10 trillion... Good start for scheme
Bhaya g 1trillion = 10 kharab..
Urdu hisab kitab me:
100,000*100= 1 Kror
1 kror * 100 = 1 arab (in eng 1 billion)
1arab* 100= 1 kharab
Lekin english hisab kitab me diffrnt he,
1 million = 1,000,000
1 million * 1000= 1 billion
1billion * 1,000= 1 trillion

So 1 trillion = 10 Kharab

Baqi ap khud hisab laga lein, nae to google pe 1 trillion search kr uske zero coumt kren aor ikai, dahai, senkra, hazar.. waghera kr k apni ginti theek kr len
 

esakhelvi

Minister (2k+ posts)
بیچارہ واٹس ایپ زدہ منصور علی خان تو کچھ 300 بندوں کے ذکر میں ابھی تک الجھا ہوا ہے ،جس طرح مولانا نون اور پی کے درمیان الجھ رہا ہے
 

chandaa

Chief Minister (5k+ posts)
Good to have these assets in the tax net. Ensure these people pay the right amount of taxes!
 

Night_Hawk

Siasat.pk - Blogger
Pakistanis whiten Rs1 trillion assets in foreign countries, UAE tops list

Waheed Abbas
Filed on June 25, 2019


Most of the foreign assets are being whitened in the UAE, Singapore, the UK and Canada.

Pakistanis made most of the amnesty and whitened their assets worth Rs1 trillion (Dh23.35 billion) in foreign jurisdiction including Rs346 billion (Dh8 billion) in the UAE, accounting for nearly one-third - 34.5 percent - of the total whitened foreign assets.
This was the highest declaration among foreign countries during the tax amnesty scheme launched last year.
Amnesty scheme for Pakistanis to declare assets to end on June 30
The UAE was followed by Switzerland (Rs114.8 billion), the UK (Rs89.7 billion), Singapore (Rs87.3 billion) and British Virgin Islands (Rs48.9 billion).
The tax amnesty scheme for this year is ongoing and will end on June 30, 2019.
"Most of the foreign money by the Pakistanis are parked here and that's why we chose this place to send the message across to Pakistanis worldwide that they have less than one week to benefit from tax amnesty and declare all their undeclared assets," said Dr. Muhammad Ashfaq Ahmed, director general for international tax at Federal Board of Revenues.
Even this year, most of the foreign assets are being whitened in the UAE, Singapore, the UK, and Canada.
"On a bilateral arrangement, the UAE and Pakistan share full details of the property. As far as bank details are concerned, they are shared automatically," Ahmed said.
The purpose of the amnesty scheme, which will end on June 30, 2019, is to allow the non-documented economy's inclusion in the taxation system to trigger economic revival and growth by encouraging tax compliance in the economy, Ahmed said while addressing the community and media personnel in Dubai on Monday.
He revealed that some reports predicted that a massive underground economy, estimated to be around 80-90 percent of the formal GDP.
"Hence, the government decided to give a new lease of life to the economy and introduced amnesty. Our forex regulations are not up to mark. We just decided to launch another amnesty. All the overseas Pakistanis have to declare their earnings being generated in Pakistan and file tax returns," he said.
He warned that it is the era of international transparency and developed countries have ended secrecy jurisdictions and developed a framework for the exchange of information of their residents' assets in those countries.
"Last year, Pakistan received information from 28 countries and UAE was one of them. This year, we are going to receive from 71 countries. The numbers are going to increase every year. In the next two to three years, the number goes could beyond 100 countries with whom Pakistan will exchange information," he said.


Source
 

umer_javed

MPA (400+ posts)
Asslam-u-Alaikum,

good one but Tax will be 5% which will be 50 billion Rs only.
still it is good amount.

Regards,
 

insouciant

Minister (2k+ posts)
Most of the foreign assets are not liquid and repatriation would take time. e.g. my cousin bought hundreds of properties abroad in the last 10 years through laundering but he needs at least a year to generate liquidity. The good thing working for all launderers now is that they were being bothered by foreign authorities for the legitimacy of their investments. Also, with the dollar gone up now, this scheme is a huge blessing in disguise for them! Repatriation at a discounted rate is a huge win for them! and of course for the country too!

Local media was declaring it a failed scheme. Our local media has got serious credibility problem after this. It seems that local pakistanis are either delaying the declarations or not interested in the scheme whereas overseas pakistanis have shown opposite trend. Overall really a good progress.
 
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