Assets of Pakistanis in Swiss Banks Never Offered to be Returned

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Swiss Banks

It has been clarified by Federal Board of Revenue (FBR) that Switzerland has never offered to return a single penny of Deposits in Swiss Banks by Pakistanis at any point of time.

Under an agreement with Pakistan i.e. avoidance of Double Taxation Agreement (ADTA), it is being wrongly speculated by masses through print and electronic media that $200 billion was being offered to return by Switzerland in 2014.

The basic purpose of ADTA is the elimination of double taxation and exchange of information on request and it is utterly not for retrieval of assets, FBR clarified.

Media also tried to raise concerns regarding sending of junior officers who tried to negotiate with Pakistani delegation.

It was told by FBR in clear tone that the purpose of delegation and its composition was set up adhering to the needs for negotiation regarding ADTAs and at that time the then Chairman Tariq Bajwa couldn’t join the delegation due to some administrative reasons. Therefore, lower rank staff happened to meet with low-rank side of Swiss officials.

The impression given by media that by not executing the draft negotiated in 2014 had caused great loss to Pakistan or otherwise Pakistan would have reaped great benefits out of it, but it was very much misconceived because ADTAs are not for retrieval of assets or dollars.

 

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