Proposal to obtain info on 'illegal assets' in Dubai under study

 

• Recommendations to be submitted to Finance Minister Ishaq Dar.
• Dubai govt previously provided similar data to India.
• "Transparency, accountability" among Pakistanis sought: minister.

DUBAI: New recommendations are being prepared for obtaining information on illegal assets held by Pakistanis abroad, The News reported Tuesday, citing Minister of State for Revenue Ashfaq Tola.

These recommendations will be submitted to Finance Minister Ishaq Dar soon, Tola — also the Reforms and Revenue Mobilisation Commission chairman — informed The News.

Moreover, he added: "These recommendations also involve requesting the Dubai government to share information with the Pakistan government regarding Pakistani individuals who own significant properties in Dubai."

The minister claimed that this request is based on the precedent set by the Dubai government, which 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 and Pakistan governments.

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 discussions, negotiations, and actions between the authorities concerned.

Tola strongly recommended addressing and tackling 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", he said.

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 about Pakistani investors who have huge super-lucrative properties or investments in the Emirates.

He also emphasised that the Pakistani government did not object to individuals legally transferring their money out of Pakistan.

However, he stressed 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 International monetay Fund (IMF) agreement, Pakistan is required to document taxpayers, ensuring that they are properly accounted for.

Moreover, Tola said that since 2017, Pakistan has been receiving information about Pakistani investors from tax havens located in various countries.