ISLAMABAD : (FOTOLINE) PTI stops drive to recover $7.5b from offshore accounts

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ISLAMABAD: (FOTOLINE) The Pakistan Tehreek-e-Insaf (PTI) government has stopped chasing people who have stashed $7.5 billion in 152,000 offshore bank accounts and whose names have been shared by the Organisation for Economic Cooperation and Development (OECD) with Pakistan.
After January this year, the Federal Board of Revenue (FBR) did not issue any notice to the people who had offshore bank accounts, Mohammad Ashfaq, Director General of International Taxes of the FBR disclosed in a meeting of the National Assembly Standing Committee on Finance. Asad Umar, former finance minister, of the PTI presided over the standing committee meeting.
In September last year, the OECD had shared information about over 152,000 bank accounts owned by Pakistani nationals with the tax authorities. The FBR processed only those bank accounts where deposits were in excess of $500,000 or Rs80 million.

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