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More dodgy dealings
- Updated: February 22, 2017
The Panama Papers event has set any series of financial hares a-running. The latest lupines to conduct for a setting are those rich Pakistanis who rather than relocating their glass resources offshore have put it in a safest of places — a Swiss banking system. Not unnaturally a secreting of around $200 billion in an alpine fastness has captivated a courtesy of a taxation authorities. To this finish a Federal Board of Revenue sought a renegotiation of a Avoidance of Double Taxation Treaty notwithstanding already carrying initialed a breeze thereof. News of a taxman in a community has reportedly led to substantial sums being re-parked elsewhere, over a reach of a extraordinary Pakistani taxman. The preference to initial a covenant combined a susurrus of alarm in a corridors of energy where travel many of those with income to seclude in a remoteness of a Swiss banking sector. The really final thing they wanted was anybody casting an eye over their finances, where they competence have got their resources from and what was a nett worth. The hapless deputy of a Federal Board of Revenue that initialled a covenant in Sep 2014 found himself re-posted within days of his return. He was indicted of overstepping his authority, notwithstanding a record display that a FBR group had each management to negotiate with a Swiss government.
We have a Panama Papers box to appreciate for this explanation as it is a Pakistan Tehreek-e-Insaf (PTI) that has submitted a news per a income in Swiss accounts authored by a Federal Investigation Agency as partial of their box opposite a Sharif family. As remarkable formerly in these columns there is most that is entrance to light per a Sharif family finances that is during best controversial and bears tighten examination. The Sharifs are not alone in sophistry their resources in office of taxation avoidance. Others do a same both by banks and offshore entities, though there is a customary of uprightness in matters financial for politicians and open total that is lifted aloft than a norm. This looks unusually like arm-twisting and we would like to hear more, most more, on a matter of Swiss accounts.
Published in The Express Tribune, Feb 23rd, 2017.
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