DUBAI: Pakistan’s Minister of State for Revenue Ashfaq Tola announced that new recommendations are being prepared for obtaining information on illegal assets held by Pakistanis abroad.
Ashfaq Tola, who is also Chairman of Reforms and Revenue Mobilisation Commission, informed exclusively to The News that these recommendations will be submitted to the Finance Minister Ishaq Dar shortly.
“These recommendations also involve requesting the Dubai government to share information with the Pakistan government regarding Pakistani individuals who own significant properties in Dubai,” according to the minister.
The minister claimed that this request is based on the precedent set by the Dubai government, which has previously provided information about Indian investors to the Indian government when their properties were valued at over $5 million.
Drawing on this precedent, the minister aimed to establish a similar information-sharing mechanism between the Dubai government and the Pakistan government. 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 the implementation of these recommendations would require further discussions, negotiations, and actions between the authorities concerned. Although, the minister, Ashfaq Tola, strongly recommended to address and tackle any instances of illegal assets held by individuals outside of Pakistan.
“By implementing effective measures and gathering relevant information, the government aims to ensure transparency and accountability among Pakistani citizens”, Ashfaq Told added.
Ashfaq Tola expressed his intention to persuade Finance Minister Ishaq Dar and the current government to engage in discussions with the UAE government regarding obtaining information about Pakistani investors who have huge super-lucrative properties or investments in the emirates.
The minister emphasised that the Pakistani government did not object to individuals who have legally transferred their money out of Pakistan. However, he stressed on the need to address those who have concealed their capital outside of Pakistan, suggesting that appropriate taxation measures should be applied to such individuals.
According to the minister, as a result of the current IMF agreement, Pakistan is required to document taxpayers, ensuring that they are properly accounted for. Moreover, Ashfaq Tola mentioned that since 2017, Pakistan has been receiving information about Pakistani investors from tax havens located in various countries.
