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ISLAMABAD: The Federal Board of Revenue on Monday has requested the United Arab Emirates’ Ministry of Finance to provide information of all Pakistanis who have sought UAE Iqama under the Residence by Investment scheme.
The request for sharing data was made through a formal letter sent by the Federal Board of Revenue (FBR) to the UAE finance ministry.
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According to an official announcement here on Monday, The FBR has sent several rejoinders since October this year, but the UAE finance ministry has yet to respond to these.
The tax authority in its fresh letter warned that “Pakistan would be constrained to seriously consider rolling out appropriate measures, including termination of Pakistan-UAE avoidance of double taxation agreement, at an early date in case data is still not shared”.
In order to avoid such a situation, the FBR has requested the UAE to provide a well laid out roadmap on iqama holders’ information.
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The Dubai Land Department (DLD) had in October provided the data of those Pakistani nationals who obtained a residence by investments in real estate.
However, the DLD has yet to provide data about the Pakistani nationals who have obtained iqama to allegedly hide their illegal wealth.
The FBR in its letter said that such delinquent Pakistani nationals had not only siphoned off funds out of the country and parked them in the UAE, but also effectively circumvented the OECD-sponsored common reporting standard exchange of bank and financial account information.
It regretted that the UAE finance ministry had not so far responded to FBR’s all earlier written requests in this regard.
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