KARACHI: The Federal Board of Revenue (FBR) has listed 400 Pakistanis who own real estate in UAE, sources told on Wednesday, after the revenue minister announced an investigation into the matter.
The majority of these individuals have not mentioned these properties in their annual returns and were said to be moving their assets out of the country to avoid being caught in the event of a serious crackdown in Pakistan on this unaccounted for money.
According to FBR sources, around 100 investors named in the FBR list belong to Karachi, while the rest are from other parts of the country.
These investors include both filers and non-filers, who have been served notices to explain means of their respective investments, sources said. The non-filers named in the list have also been asked to file tax returns for the last 5 years.
Sources said that these individuals would be asked to submit an affidavit if they deny having made the investments.
The information, however, would be shared with Dubai government, sources added.
It is pertinent to note here that Pakistan and Dubai have signed a double taxation treaty, which bounds investments in Dubai to be shown in the wealth tax statements in Pakistan.-Web Desk