The Supreme Court (SC) on Thursday, seeking details of all transactions above $50,000 from Pakistan during 2017-18, instructed the State Bank of Pakistan (SBP) to submit a sealed report on the matter in seven days.
A three-judge bench, headed by Chief Justice of Pakistan (CJP) Mian Saqib Nisar, passed the instructions during a suo motu hearing of a case pertaining to foreign bank accounts owned by Pakistani citizens.
The top judge, focusing on Pakistan Tehreek-e-Insaf (PTI) leader Jahangir Tareen, also asked regarding the amount of money transferred abroad by the PTI leader. “Jahangir Tareen made assets abroad, but stated otherwise in the balance sheets,” the CJP remarked, adding that the SC should know of Pakistani citizens holding accounts and properties in Switzerland.
“Such policies were self-made for own benefit through which money can be transferred abroad,” Justice Nisar remarked. The chief justice further added that the aim is to take advantage of the amnesty scheme before September.
Earlier this month, PM Abbasi announced the tax amnesty scheme with an “aim of broadening the tax net and offering wealthy Pakistanis the option to declare their hidden assets in Pakistan and abroad”. Pakistanis having offshore assets can bring them back by paying only two per cent tax. However, in case of declaration of a foreign fixed asset only, tax applicability will be three per cent while foreign liquid assets including cash, securities and bonds can be declared on five per cent tax payment. The prime minister also offered to legalise the hidden local assets at five per cent.
Published in Daily Times, April 27th 2018.
