Switzerland never offered to return Pakistanis’ assets in its banks: FBR

Tax body looks to dispel misconceptions that it had offered to return $200b

KARACHI: Switzerland has never offered to return even a single dollar deposited by Pakistanis in Swiss accounts, stated the Federal Board of Revenue (FBR), as it looked to dispel misconceptions that the European country had proposed to return $200 billion.

“In order to allay misconceptions regarding Switzerland offering to return $200 billion, in 2014, under an Avoidance of Double Taxation Agreement (ADTA) with Pakistan, it is clarified that as per record available with FBR, Switzerland never, at any time, offered to return even a single dollar of Pakistanis deposited in Swiss accounts,” stated the FBR.



The tax body said that ADTAs are not meant for retrieval of assets. “The primary purpose of ADTAs is elimination of double taxation and exchange of information on request.”

On the other hand, the FBR said reports have circulated that junior officers were sent with the Pakistani delegation for negotiations.

“In this regard, it is clarified that the composition of the delegation was strictly in accordance with the delegations sent for negotiating ADTAs and the then FBR chairman Tariq Bajwa could not accompany for administrative reasons and the fact that the officer leading the delegation from Swiss side was also of lower rank.

“Lastly, the impression conveyed in media reports that non-implementation of the draft initialed in 2014 has caused loss to Pakistan as otherwise Pakistan would have been able to access the benefits thereof immediately is totally misconceived since ADTAs are not for retrieval of dollars or assets.”