ISLAMABAD (APS)August 10, 2016- – Federal Minister of Finance Ishaq Dar submitted a written statement in the National Assembly (NA) on Wednesday, stating that the Federal Board of Revenue (FBR) has initiated investigation against the Panama Leaks, reported APS News.
It was further added in Dar’s statement that FBR was obtaining documented evidence regarding investment made in off-shore companies and revenue generated through these companies by Pakistani residents in the first phase of the investigation.
The results obtained shall then be analysed and compared with FBR’s database and with the taxpayers’ record. It was stated that no action shall be taken if the data matches with the information regarding the assets provided to FBR.
Ishaq Dar stated that off-shore companies were legal and could be financially beneficial, further stating that the off-shore companies could however be harmful in certain cases.