In September last year, the OECD had shared information about over 152,000 bank accounts owned by Pakistani nationals with the tax authorities. The FBR processed only those bank accounts where deposits were in excess of $500,000 or Rs80 million. The information about the bank accounts was up to December 2017, stated the DG international taxes. He said the money stashed in offshore bank accounts belonged to exporters and importers. The standing committee also took notice of a sharp increase in prices of cement, wheat flour, sugar, domestic air tickets and vehicles.

Source: The Express Tribune July 05, 2019 04:18 UTC