ISLAMABAD: The Federal Board of Revenue (FBR) formally started investigations against 19 out of 135 citizens of Pakistan mentioned in Paradise Papers.
Sources said that details of these persons have been sought from the concerned institutions including Securities Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP) and National Database Registration Authority (Nadra).
The concerned officials said that three different letters have been sent to the institutions in order to obtain the details of their financial transaction, bank accounts, companies, family and transfer of money.
The FBR will launch action against these people under laws governing tax theft and money-laundering.
Pakistani citizens mentioned in Paradise Leaks include former prime minister Shaukat Aziz, former NICL chairman Ayaz Khan Niazi, business tycoon Sadruddin Hashwani, Mian Mansha of Nishat Group, Soneri Bank Chairman Alauddin and currency exchange businessman Obaid Altaf Khanani.
However, the FBR has not mentioned the names of people against whom the probe have been launched.
The SECP can assist FBR whether investments have been made by the companies registered in Pakistan in the offshore companies listed in the Paradise Papers. Addresses would be obtained from Nadra while banks information would be sought from SBP. The FBR can seek assistance of Nadra under section 176 of the Income Tax Ordinance 2001 in finding identities, whereabouts and addresses.
The FBR will also investigate source of funds held outside Pakistan and payment of taxes in Pakistan on such sources if funds have been transferred from Pakistan. The Paradise Papers is a database comprising around 13.4 million documents, which reveal over 25000 companies owned by the world’s rich and influential individuals.
