The country’s top judge has said that Pakistanis own assets worth Rs150 billion in the UAE.
This information was shared with Chief Justice Mian Saqib Nisar in a report compiled by public accounting and business advisory firm AF Ferguson.
“The money has been taken out of the country as the people fear accountability,” the chief justice said at the Supreme Court on Monday.
The SC heard a suo motu case against Pakistanis who own foreign assets.
Chief Justice Nisar remarked that the money is being kept outside the country despite the amnesty scheme.
The FBR had introduced the tax amnesty scheme to widen the tax net. Pakistanis were allowed to declare foreign assets without any repercussions.
“The amnesty scheme failed to achieve its purpose. People who don’t pay their taxes must be fined,” Justice Umar Ata Bandial remarked.
Briefing the court, State Bank of Pakistan Governor Tariq Bajwa said that notices have been issued to 125 people who have assets in the UAE.
“If they write an affidavit that they own assets outside Pakistan, then they will be interrogated and taxed,” he said.
The court ordered the FBR to share the names of the people who have been issued notices.
The top judge said that money laundering cases should be filed against Pakistanis who have failed to declare their assets.
The next hearing of the case will be held on September 5, Wednesday.
During his first state address as the country’s premier on August 19, PM Imran Khan had promised the nation that he will create a task force to bring back the wealth looted from Pakistan.