FBR team to visit Switzerland next month for talks on repatriation of money in swiss banks

[SBD-3]

A team of FBR experts will visit Switzerland next month to pursue Pakistan’s efforts to recover untaxed billions of dollars of Pakistanis stashed away illegally in Swiss banks. Finance Minister Ishaq Dar told that the FBR team would visit Switzerland in the third week of August. The finance minister explained that it was a lengthy process and might take a few years. It is assumed that Pakistani nationals have over USD 200bn stashed away in Swiss banks. One of the directors of Credit Suisse AG Bank has stated on record that USD 97bn from Pakistan is deposited in his bank.

 

[Ra'ad]

I wish them good luck. May they succeed in this endeavour and may this money find its way into dev projects, not into politicians pockets again.

 

[Dubious]

not into politicians pockets again.

tough one!

 

[xyxmt]

If NS can do that, remember everyone who has been part of power in last 20 years looted and stashed it in Swiss banks. We all know who was in power most of the time in last 20 years. This is Afghan war money, this is post 9/11 war money.
Good luck Dar if they dont shoot you.

 

[Khurram541]

Imagine what this amount of money of USD 97b could do to improve our country's economy contribute hugely towards making of big dams and amazing that actual amount as told by Dar Sb is USD 200b.

Good luck with that. I wish he succeeds in this effort as this will be a huge amount if put in country's economy

 

[Bouncer]

One of the directors of Credit Suisse AG Bank has stated on record that USD 97bn from Pakistan is deposited in his bank.

I find it very hard to believe this USD 97Bn figure. Size of economy is around USD 400~500Bn now? Our total foreign debt is around 60~70Bn? If you look at these figures, then 97Bn seems exaggerated. Not saying that previous governments were clean.

Anyone has some source or explanation for this huge amount?

 

[Hyde]

What you must not forget is that not all money is a black money, the figure of 200 billion USD is highly exaggerated in my opinion and most of the money would already be withdrawn/disappear if we do manage to legislate in the assembly.

The chances of recovering is only few billion rupees if not more.

 

[SBD-3]

I find it very hard to believe this USD 97Bn figure. Size of economy is around USD 400~500Bn now? Our total foreign debt is around 60~70Bn? If you look at these figures, then 97Bn seems exaggerated. Not saying that previous governments were clean.

Anyone has some source or explanation for this huge amount?

Its just an estimate.....Nothing in concrete until real figures would come out and that would take quite a lot of time.

What you must not forget is that not all money is a black money, the figure of 200 billion USD is highly exaggerated in my opinion and most of the money would already be withdrawn/disappear if we do manage to legislate in the assembly.

The chances of recovering is only few billion rupees if not more.

But then one would question, why would someone keep it in a Swiss Bank which now pays a negative return on the deposit?

 

[Saifullah Sani]

FBR team to visit Switzerland in August to recover taxes on $200 billion

A team of FBR experts will visit Switzerland next month to pursue Pakistan’s efforts to recover untaxed billions of dollars of Pakistanis stashed away illegally in Swiss banks. Finance Minister Ishaq Dar told The News that the FBR team would visit Switzerland in the third week of August.

Dar said that he had already got approval from the cabinet to formally initiate negotiations with the Swiss authorities for possible recovery of billions of dollars belonging to Pakistanis in offshore accounts.

The finance minister explained that it was a lengthy process and might take a few years.It is assumed that Pakistani nationals have over $200 billion stashed away in Swiss banks. One of the directors of Credit Suisse AG Bank has stated on record that $97 billion from Pakistan is deposited in his bank.

Similarly, Micheline Calmy-Rey, the then Swiss foreign minister, is reported to have put the figure of Pakistani money hidden in Switzerland at $200 billion — a statement that has not been contradicted.

The government will seek help through the new Swiss laws to exchange confidential information about the ill-gotten monies stashed away in Switzerland’s banking system. Under a new law, known as The Restitution of Illicit Assets Act 2010 (RIAA), the Swiss government allows the exchange of confidential information about the money deposited in its banks.

A summary was placed before the federal cabinet seeking its approval to renegotiate the existing (deficient) Pakistan-Switzerland Tax Treaty, which was approved in September 2013.Dar was recently quoted to have told parliament that the Swiss authorities had expressed its willingness to renegotiate the current Pak-Swiss agreement.

Pakistan’s DTA with Switzerland, signed in 2005 and enforced in 2008, does include Article 26, which creates an obligation to exchange information relevant to the correct application of tax treaties.

Pakistan would have to prove that the money deposited in Swiss banks by its nationals is untaxed following which without compromising the confidentiality of its clients, the payable tax money could be deducted from such accounts and provided to the Government of Pakistan.

FBR team to visit Switzerland in August to recover taxes on $200 billion - thenews.com.pk

now i understand Why Zardari got mad on PM Nawaz Shahrief

 

[SBD-3]

Some more development. Two member delegation of FBR leaves for Switzerland.

 

[Asian.Century]

A team of FBR experts will visit Switzerland next month to pursue Pakistan’s efforts to recover untaxed billions of dollars of Pakistanis stashed away illegally in Swiss banks. Finance Minister Ishaq Dar told that the FBR team would visit Switzerland in the third week of August. The finance minister explained that it was a lengthy process and might take a few years. It is assumed that Pakistani nationals have over USD 200bn stashed away in Swiss banks. One of the directors of Credit Suisse AG Bank has stated on record that USD 97bn from Pakistan is deposited in his bank.

What happened nothing brought back