Former Chairman of Federal Board of Revenue (FBR), Shabbar Zaidi, said that Pakistani businessmen have $150 billion stashed away in foreign bank accounts.
He made this shocking revelation while speaking at a webinar organized by the Positive Media Communication. He said that Pakistanis have this amount deposited in foreign banks in countries like Malta, despite really low-interest rates.
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He said, “Now the time has come in the wake of a changed scenario worldwide when these businessmen will have to think to bring back this huge money.”
Zaidi said that he could now foresee when such Pakistanis would be informed by these very countries that their money has been seized by the respective governments. He said that he knew individuals with addresses who owned the $150 billion.
Speaking to a media outlet after the webinar, the former FBR chairman said that he documented the details of this $120 billion to $150 billion outside Pakistan, earning a maximum of 1 to 2 percent interest, despite much higher profit-earning opportunities available within Pakistan.
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During the webinar, when asked about the sectors where illegal trade was rampant, he replied that 30 percent of the tobacco sector is involved in illegal trade. He further added that with a 74 percent tax on the sector, tax evasion is also rampant. He further claimed that sugar and cement, among other sectors, are also involved in this.
Zaidi said that 90 percent of officers of the IRS and the Customs Group belonged to families that were themselves involved in illegal businesses. He said that, therefore, it was in their vested interests to continue operating with the undocumented economy.
