The Federal Minister for Investment Qaiser Ahmed Sheikh in a media briefing on Thursday revealed that more than $50 billion has been transferred out of Pakistan to foreign countries, with the country’s investment climate unattractive for big money players.
He said that Dubai’s zero-tax regime attracted significant capital outflow, while high tax rates and a difficult economic environment in Pakistan pushed investors to move money abroad.
According to him, funds were also moved illegally through hawala and hundi channels, though some investors are now considering bringing money back from Dubai.
The minister added that due to the International Monetary Fund (IMF) program, the government cannot launch large-scale schemes to repatriate capital, but efforts are underway to improve the investment climate in the country.
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Funny how they make up stats to suit their needs.
They hate paying taxes while glorifying tax havens. If you don’t like paying taxes on profits then leave and we’ll gladly replace you.
Never trust anyone who brags about tax haven
Funny how they hate paying taxes but love generating from govt subsidies