ISLAMABAD: The United Arab Emirates (UAE) government has denied giving bank accounts and details of assets of Pakistani investors and businessmen to the Federal Board of Revenue (FBR). The Pakistani expatriates are allegedly investing in that country by using illegal channels.
As per details, the FBR had requested the UAE to get the details of the Pakistanis investors in UAE.
The FBR has asked the UAE officials on the recommendation of Inland Revenue’s Investigation and Intelligence that is investigating the case against Damaq, a real estate company, which facilitates the investors to invest in real estate sector of the UAE.
Talking to Customs Today, official sources claimed that under an agreement signed between the two countries, the UAE government is ethically and legally bound to share the details of assets of the Pakistani citizens. But there is an ambiguity in agreement as Pakistan could not force that country, if it did not want to share any such details, they added.
The sources informed that Director IR-Intelligence, Dr. Bashirullah has forwarded an investigation report comprising 150 pages against Damaq to FBR, financial monitoring unit, State Bank of Pakistan (SBP), Finance ministry and National Accountability Bureau in which some eye-opening revelation has been made regarding the transaction of billions of rupees through illegal channels to invest in UAE.
According to the report, $1.3 billion were sent to UAE illegally during past one and half year, soucex added.
