ISLAMABAD: The Federal Board of Revenue (FBR) has listed 400 Pakistanis who own real estate in the United Arab Emirates (UAE), after an investigation into the matter was announced by the revenue minister, reported Geo News on Wednesday.
Earlier the private news outlet reported that Pakistani individuals own luxury real estates in 12 ‘renowned’ localities in Abu Dhabi. The ownership of these estates does not appear in the annual returns of most of these individuals who are said to be moving their ill-gotten money out of the country in a bid to avoid getting caught in a crackdown in Pakistan.
In Dubai alone, over 7,000 Pakistanis purchased properties worth Rs1.1 trillion through illegal means. Out of the 400 people listed by the FBR, 100 are from Karachi while the rest belong to other parts of the country, reported Geo News.
FBR has served notices seeking an explanation from all the people included in the list. Non-filers in the list have been asked to file their tax returns for the last five years.
Pakistan and Dubai have both signed a double taxation treaty, according to which investments made in Dubai by Pakistanis need to be disclosed in the wealth statements in Pakistan.