Switzerland never offered to return Pakistanis’ assets in Swiss banks: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday clarified that as per record available with the Board, Switzerland never, at any time, offered to return even a single dollar of Pakistanis deposited in Swiss accounts.

In a statement, it said there was a misconception being caused by a segment of print and electronic media regarding Switzerland offering to return $200 billion, in 2014, under an Avoidance of Double Taxation Agreement (ADTA) with Pakistan.

It clarified that ADTAs were not meant for retrieval of assets. The primary purpose of ADTAs was elimination of double taxation and exchange of information on request.

It said the media had also attempted to raise questions regarding sending of junior officers for negotiations with the Pakistani delegation.

The FBR clarified that the composition of the delegation was strictly in accordance with the delegations sent for negotiating ADTAs and the then Chairman Tariq Bajwa, could not accompany for administrative reasons and the fact that the officer leading the delegation from Swiss side was also of lower rank.

It added, the impression conveyed in the media reports that non-implementation of the draft initialled in 2014 had caused loss to Pakistan as otherwise Pakistan would have been able to access the benefits thereof immediately was totally misconceived since ADTAs were not for retrieval of dollars or assets.