Panama leaks are becoming a disaster for the Pakistan economic and government future. Pakistan’s risks of getting any benefit from the leaked evidence about probably 200 or more citizens who have stored wealth overseas are miserable. Mostly people think that with all this drama going on, nothing good will come out of it.
Tax consultants neither have official preparations for exchange of evidence with the disreputable offshore tax havens nor the capability to challenge powerful people. The Federal Board of Revenue (FBR) is the appropriate organization that can investigate what was the base of that income over 200 people, if they got sanction before forwarding the money abroad. The question raise that if it is legal money and had the valuable owners paid due taxes on the income made in Pakistan.
If we look at the past, the FBR faced embarrassment when it raided the boutique whose owner was the daughter of a previous finance minister. Tax administrators were literally beaten and detained in illegitimate custody for hours and free only after police came to their saving. Up till now, the FBR was not able to file an FIR against the woman.
The FBR has provided the record counting facts of possessions related to a committee of three parliamentarians. The United Kingdom of Great Britain and Northern Ireland and Pakistan officials are under investigation for the circumvention of double taxation and anticipation of economic evasion.
The other noticeable case is that of 44 officials who were charged for income tax review but up till now were not able to develop any progress. Most important and common name are “Punjab Chief Minister Shahbaz Sharif, Punjab Law Minister Rana Sanaullah, Sindh Finance Minister Murad Ali Shah, Pakistan Peoples Party Senator Babar Awan, Muttahida Qaumi Movement leaders Dr Farooq Sattar and Khawaja Izharul Haq”.