Pakistani elite’s 150 billion in black money lies in banks in Dubai and Switzerland
Outside bank does not give a single rupee profit on this amount, this money should be returned, reveals Shabar Zaidi
Lahore (10bmnews Latest News) Before coming to power Imran Khan had said that he would bring back the black money of Pakistanis lying abroad but to date, this promise has not been fulfilled. Talking about this, former chairman FBR Shabar Zaidi while talking in a program of a private TV channel said that it is very difficult to bring back this money and this money will never come back to Pakistan but will remain there.
He said that billions of dollars of Pakistani elite capital were lying in the banks of Dubai and Switzerland which would remain there and would never be able to return to the country. Shabar Zaidi has revealed that 150 billion of illicit trade and tax evasion in Pakistan is in the form of overseas assets, with elites involved in trade unions and leading positions in the Chamber of Commerce.
The former FBR chairman said that after Zia-ul-Haq’s tenure, tax evaders and illegal trade mafia were born in the country, making it difficult to do documentary business in Pakistan and formulating laws and policies that led to irregularities. Business flourished as an organized and legal business became more difficult. Shabarzaidi said that the Pakistani business community, which considers illegal trade and tax evasion as a business, is also an obstacle to regional trade as it lacks competitiveness.
People who hide money from Pakistan make speeches in chambers and seminars about love for Pakistan’s solidarity and the good of Pakistan. I am angry to see their faces because I know them and the names of all such people and I can also provide evidence.
Shabar Zaidi said that the money of tax evasion and undocumented economy in Pakistan is invested in the election campaign of political parties, an MNA seat costs Rs 200 million which is spent on rallies. Where does the cost of 360 seats come from? All these expenses are spent by the financiers who make money from the undocumented economy in the election and later recover.
Shabar Zaidi said that those who hide their capital out of Pakistan will soon face difficulties. Most of the businessmen have acquired Maltese nationality and have assets in Swiss banks. They are not getting even one percent profit on assets abroad. In Pakistan better, profits can be made by declaring and transferring this capital. Shabar Zaidi also termed the high tax rate in Pakistan as one of the reasons for tax evasion and undocumented business. Due to this illegal trade of cigarettes is increasing and 30% of cigarettes are being sold illegally.
He said that illicit sale of cigarettes was the biggest cause of tax evasion to the national exchequer besides sugar batteries electronic products motorcycles bicycles, cement consumer products packaged spices were the items which Has the largest share in the illicit trade
