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Posts tagged with: Offshore Accounts

Smuggling of Foreign Exchange Legalized by Nawaz Sharif in 1992

The bread crumbs of flight of money from Pakistan – aka Tax evasion starts from 1992 – during the 1st premiership of Nawaz Sharif. The act passed on 28th July 1992 – stipulates

4. FREEDOM TO BRING, HOLD, SELL AND TAKE OUT FOREIGN CURRENCY:-- All citizens of Pakistan resident in Pakistan or outside Pakistan and all other persons shall be entitled and free to bring, hold, sell, transfer and take out foreign exchange within or out of Pakistan in any form and shall not be required to make a foreign currency declaration at any stage nor shall any one be questioned in regard to the same. (ref link)

No wonder Ayan Ali was mistakenly caught red handed (or not) walking away with $500,000, and is pleading innocent and shall walk away free as a bird

How perfectly scripted – merely by adding only two words — “take out” — in this law it legitmizes the flight of capital from Pakistan to many offshore locations without paying a dime of tax. All scripted / camouflaged under the garb of “for the economic benefit of Pakistan” – confidence building measures to encourage free trade around the world — yeah right

There is NO DOUBT that all mentioned in the Panama Papers in Pakistan need to come clean on if these offshore accounts are legit or ill legal – it starts from them showing the source of the wealth and if the taxes have been paid for the specified income, as the PML media is trying to portray other individuals also being in the list – that does not in anyway absolve the responsibility of the Head of State to come clean on this and show his innocence as and where possible.