Federal Board of Revenue (FBR) is contemplating to approach the United Arab Emirates (UAE) to get details about Pakistani investors, it was learnt here on Sunday. Sources in FBR headquarters, Islamabad told Business Recorder that the board after thorough analysing the records made a conclusion that Pakistanis were leading investors in UAE's real estates market.
"Yes, we are presently examining the records of Pakistanis, who have made huge investments in UAE especially in real estates," sources on a condition of anonymity told.
"Although Finance Minister Ishaq Dar is keen to implement new taxation measures tooth and nail, there is a strong discernment that all these are botched measures, which were redundant in past." Keeping this in view, the board is now planning to tighten the noose around those persons, who are involved in tax evasion in Pakistan and made huge investments in real estates in UAE.
Replying to a question, the sources said that there was a treaty between Pakistan and UAE in order to avoid double taxation and prevent tax evasion, adding that both countries could exchange information to prevent tax evasion.
Therefore, the board is contemplating to approach UAE for obtaining information regarding Pakistani investors, who heavily invest in UAE.
Moreover, the sources said that these investments were from tax evaded money or income generated by 'Extortion Mafia', 'Land Mafia and others.
"All black income either generated by extortion mafia, land grabbers, tax evaders, etc are being transferred to UAE through Hawala-Hundi for laundering."
"We have reports that unscrupulous elements invest black income in UAE's real estates and after a certain period, substantial portion of this income is remitted to the country through banking channel with no fear of apprehension as the section 111(4) of the Income Tax Ordinance, 2001 provides immunity from probe into any amount of foreign remittances sent to Pakistan through proper banking channels," sources said.
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