Senate panel finalises recommendations: Interpol's help sought with a view to bringing back $97 billion from Swiss banks

Senate Standing Committee on Finance on Wednesday finalised recommendations seeking help of the Interpol to bring back $97 billion of Pakistanis kept in Swiss bank accounts. During review of Finance Bill (2015-16), the committee also finalised recommendation to bring agriculture income into tax net. It was also recommended to abolish sales tax on electricity and gas and doing away with petroleum levy with immediate effect. It also recommended budgetary provision for life and medical insurance of journalists.
Senate Standing Committee on Finance, which met under chairmanship of Senator Saleem Mandviwalla here at the Parliament House also recommended providing special package for the martyrs of the Army Public School (APS) Peshawar, both for staff as well as for students.
FBR Senior Member Inland Revenue Policy Shahid Hussain Asad informed the committee that it would not be an easy task to get information about account holders from Swiss authorities but Pakistan was going to join Global Forum for exchange of information which would become operative from 2017 onwards.
He added that USA and Germany had some breakthrough with respect to Swiss accounts information. However, Pakistani tax authorities have held initial negotiations with the Swiss tax authorities and retrieving money from their banks is not easy as it would be required to specifically provide name and other details of accountholder to Swiss authorities. He said that even country like UAE authorities has not provided information despite repeated requests about Pakistanis who have invested in real estate of UAE.
Senator Mushahid Hussain Sayed proposed the committee that if the government is sincere and serious in catching the real tax evaders, then the fairness and justice demand that bank accounts held by Pakistanis in secret accounts in Swiss banks and off-shore overseas accounts also be made accessible to FBR, because that is where the 'big fish' have parked their accounts. There is already a precedent since United States government asked for details of secret Swiss bank accounts of American citizens to catch tax evaders. He said that the money should be allocated for Interpol etc to get the money back from Swiss accounts. He said there are $97-100 billion of Pakistani accountholders parked in Swiss banks.