ISLAMABAD: The United Arab Emirates (UAE) is not providing a list of Pakistanis who have invested around $8 billion in Dubai’s real estate despite repeated reminders sent by the government of Pakistan.
At a huddle of the National Assembly Standing Committee on Finance and Revenue, Pakistan Tehreek-e-Insaf MNA Asad Umar once again raised the issue of Pakistanis having invested $8 billion in UAE real estate without getting approval from the State Bank of Pakistan (SBP). He said that the $8 billion has been transferred to the UAE by the Pakistani residents or overseas Pakistanis through illegal ways.
“The Federal Board of Revenue (FBR) has taken up the matter with UAE tax authorities time and again. The UAE authorities have been requested, both directly as well as through the Ministry of Foreign Affairs, for providing the list of Pakistanis having invested in the UAE release estate. However, no response has been received so far despite repeated reminders,” the FBR told the committee in a written reply.
The FBR further said that the federal cabinet had also approved a summary to initiate negotiations with the UAE to develop a mechanism for the exchange of information through a protocol in view of article 27 of the existing avoidance of double taxations agreement between the two countries. However, the UAE authorities have so far not provided the choice of venue and dates for the negotiations.
Meanwhile, the SBP has not granted any permission to any individual or company for the acquisition of property in the UAE or any other country. Similarly, the Federal Investigation Agency (FIA) said that they had not initiated any inquiry against Pakistanis having invested in Dubai. “Normally, the FIA deals with a case related to corruption against federal government’s employees or a case of embezzlement in public funds,” an FIA official said.
