ISLAMABAD: The Federal Board of Revenue (FBR) has asked the United Arab Emirates (UAE) to discourage the illegal transaction of money, besides effectively implementing the double-taxation treaty between Pakistan and UAE.
The FBR raised these points when UAE Ambassador to Pakistan Essa Abdulla Albasha Al-Noaimi met with FBR Chairman Nisar Mohammad Khan and Adviser to PM on Revenue Haroon Akhtar.
Sources said that the FBR chief also sought the names of Pakistanis who invested in UAE and transacted huge amounts of money from Pakistan through illegal channels.
It may be mentioned here that the FBR is currently tracing the people who invested in real estate market of UAE and sending money there through illegal channel in order to avoid taxes. Despite demanding the list of investors, the UAE has not provided any name to the Pakistani government.
The FBR is also taking stern actions against the companies involved in persuading the people to invest in real estate market of UAE.
On the other hand, Ambassador Essa Abdulla Albasha has assured the FBR that he will discuss the issues raised by it before his government.
During the meeting, the Ambassador also shed light on the problems, which were faced at ports while importing the items into Pakistan under UAE social welfare programmes.
Responding to the matter, the FBR chairman said that department will settle the issues following rules and regulations.
The sources said that the FBR was striving to bring the people into tax net who are investing in foreign countries without paying taxes.
