- Recommendations will be submitted to Finance Minister Ishaq Dar
- The Dubai government had earlier provided similar data to India.
- Demand for “transparency, accountability” among Pakistanis: Minister.
Dubai: New recommendations are being prepared to seek information on illegal assets held by Pakistanis abroad, The News reported on Tuesday, quoting Minister of State for Revenue Ashfaq Tola.
These recommendations will soon be submitted to Finance Minister Ishaq Dar, Tola – also the chairman of the Reforms and Revenue Mobilization Commission – informed news,
In addition, he added: “These recommendations also include requesting the Government of Dubai to share information with the Government of Pakistan about Pakistani individuals who have significant assets in Dubai.”
The minister claimed that the request is based on the precedent set by the Dubai government, which had earlier provided information about Indian investors to the Indian government when the value of their assets exceeded $5 million.
Taking this precedent forward, the minister aimed to establish a similar information-sharing mechanism between the governments of Dubai and Pakistan.
He also clarified that the goal is to promote transparency and ensure that individuals who have significant assets abroad, particularly in Dubai, are complying with relevant taxation laws and regulations.
Some analysts believed that implementing these recommendations would require further discussion, negotiation and action among relevant authorities.
Tola strongly recommended addressing and dealing with illegal assets held by individuals outside Pakistan.
“By implementing effective measures and gathering relevant information, the government aims to ensure transparency and accountability among Pakistani citizens,” he added.
The minister expressed his intention to persuade the finance minister and the current government to engage in discussions with the UAE government regarding obtaining information on Pakistani investors who have large lucrative assets or investments in the emirate.
He also emphasized that the Pakistani government raised no objection to individuals legally transferring their money outside Pakistan.
However, he stressed the need to address those who have hidden their capital outside Pakistan, suggesting that appropriate taxation measures should be applied to such individuals.
According to the minister, as a result of the current International Monetary Fund (IMF) agreement, Pakistan is required to document taxpayers to ensure that they are properly accounted for.
Furthermore, Tola said that since 2017, Pakistan has been receiving information about Pakistani investors from tax havens located in various countries.