ISLAMABAD: After sessions of in-house deliberations, the Federal Board of Revenue has decided to inquire into the Panama Leaks disclosures as per the tax laws of the country.
Informed FBR sources said that following detailed deliberations, it has been decided to go through the income tax returns of those Pakistani nationals/taxpayers who are reported to have offshore companies as per the disclosures made by the Panama Leaks.
“We can’t turn a blind eye to these disclosures,” said a senior FBR source adding that in the near future, notices will also be issued to all the concerned who did not disclose their foreign wealth i.e. offshore companies in their tax returns.
Despite being tightly controlled by the government, this decision of the FBR’s top management is believed to be a good sign, encouraging the tax culture in the country. Some in the FBR fear that the initiation of such an action by the Board could annoy the government.
The FBR is the leading tax authority of the country but it has not been given autonomy by successive governments to protect the vested interest of the elite and rich, most of whom evade taxes. Being under the strict control of the government, the FBR has been facing pressures to let influential tax evaders go scot free.
According to an FBR source, inquiring into the Panama Leaks disclosures will be a challenge. External pressures, it is said, are expected to haunt the FBR but the source said that this issue can’t be ignored either.
The source said that internationally the Panama Leaksissue is more of a tax matter than any other form of corruption. It is said that while the whole world is focusing on how to improve their taxation system, the Board has no option but to take up the matter and initiate action.
The names of key Pakistanis so far found in the secret files range from those of Prime Minister Nawaz Sharif’s three children to brother-in-law of Chief Minister Shahbaz Sharif; from Benazir Bhutto to Javed Pasha, from Senator Rehman Malik to Senator Osman Saifullah’s family, and from Waseem Gulzar (a relative of the Chaudhrys of Gujrat) to Zain Sukhera, who was co-accused with former prime minister Yusuf Raza Gilani’s son in the Haj scandal.
The businessmen featured in the record range from hotel tycoon Sadruddin Hashwani to real estate czar Malik Riaz Hussain’s son, from the Hussain Dawood family to the Abdullah family of Sapphire Textiles, Gul Muhammad Tabba of Lucky Textiles as well as Shahid Nazir of Masood Textiles and from Zulfiqar Ali Lakhani to Zulfiqar Paracha.
Members from the bar and the bench were also spotted in the documents including one serving judge of the Lahore High Court. However, the list does not include the name of any general — serving or retired.
Over 200 Pakistanis are reported to have been identified so far. The report, while it reveals the names owning such offshore companies, admits that it does not mean that all those having offshore companies have ill-gotten money or are involved in tax evasion or money laundering.
The real challenge for the FBR will be how to deal with the case of Prime Minister Nawaz Sharif’s three children — Hussain Nawaz, Hassan Nawaz and Maryam Nawaz — all of whom have been named in the Panama Leaks.
In the case of Hussain Nawaz and Hassan Nawaz, the FBR might not have much to do as both sons of the premier are not residents of Pakistan and thus could not be covered under the tax laws. However, Maryam Nawaz is a resident and could be questioned about the offshore companies, which as per the Panama Leaks belong to her.
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