ISLAMABAD: The Federal Board of Revenue (FBR) has sought information about domestic and overseas bank accounts of former prime minister Shaukat Aziz and 29 other Pakistanis named in the Paradise Papers.
The FBR asked the State Bank of Pakistan (SBP) to gather information from the banks concerned about 30 individuals, including owners of commercial banks and major conglomerates, correspondence between the FBR and the SBP shows.
The FBR tasked the central bank with securing information with effect from July 2006, which itself is questionable.
Under the Income Tax Ordinance of 2001, the tax administration cannot open more than five-year-old tax cases, leaving a big question mark over the entire process. Under current laws, the FBR cannot go beyond the tax year of 2012.
Despite repeated attempts, FBR spokesperson Dr Mohammad Iqbal was unavailable for comments. He was requested to justify the need for securing information dating back from July 2006 and why a letter in this regard was sent by a junior officer.
A grade 18 officer of the FBR sent a letter to Governor SBP Tariq Bajwa, asking him to provide this information, breaking protocols and demonstrating the tax officials’ level of arrogance.
“FBR is conducting investigation in the cases of individuals having offshore entities and assets, in the light of information disclosed by Paradise [Papers] leaks,” the FBR’s letter stated. Because of the limited scope of the leaked information and to move forward with the investigation, “FBR requires assistance of SBP for provision of further information”.
The International Consortium of Investigative Journalists (ICIJ) released nearly 13.4 million documents on how the rich evaded taxes by manoeuvring offshore financial products. The records of Pakistanis were mostly found in Bermuda, British Virgin Islands, Cayman Islands, Malta and other jurisdictions with whom Pakistani authorities have no treaties on exchange of information.
Notable among those mentioned in Paradise Papers are: Former prime minister Shaukat Aziz, Mian Mansha, Hussain Dawood and his family members, Ayaz Khan Niazi, Alauddin J Feerasta and family members, Fauzia Razza, Shehryar Taseer, Saad Saeed Faruqui and Zahida Habib.
