ISLAMABAD ( Web News )
FPCCI Chief Coordinator and former Vice President Mirza Abdul Rehman has asked the government of Pakistan to clarify whether offshore companies are legal or not. He said that globally international laws permits all citizens, traders, industrialists and investors to do business by establishing off shore companies subject to declaration of their assets and income. Mirza Abdul Rehman, Chief Coordinator and former Vice President FPCCI, further said that Pakistan is already facing severe difficulties in getting foreign investments in industry and trade.
In 2018, there was a lot of noise about the Panama scandal, which has not been yielded any result so far, while former Prime Minister Mian Muhammad Nawaz Sharif was also punished and penalized on the matter of IQAMA instead of his offshore companies abroad under Panama leak scandal. Now, once again, Pandora Lakes is making a lot of noise. It is the responsibility of the government to determine whether offshore companies are illegal or legal. He further said that before making a fuss over offshore companies, it should be investigated that those who did not disclosed their offshore companies and assets in their country’s tax returns should not only be commended but also strict action should be taken against them.
He further expressed that, Like Panama leaks, the Pandora Leaks is also nothing, but it will create trust deficit among the traders, industrialists and investors. He said that it is the responsibility of the state to provide protection to traders, industrialists, investors and politicians and avoid creating propaganda for the sake local and foreign investments in the country. He said that FPCCI appreciates that the Prime Minister of Pakistan has formed a committee on Pandora Leaks but it is also essential to clarify whether it is legal or illegal to form an offshore company. Mirza Abdul Rehman further said that Pakistan’s business community strongly condemns propaganda as we can’t afford it any more. He said that the government and institutions should keep in mind that nowadays the world offers citizenship and passports to the entire family of investors to attract investors. Turkey, USA, UK and other countries, are offering citizenship and passports to those who invest between US $ 200,000 and 500,000 with their families, whereas in our country the situation is reverse resultantly, our investors, traders and industrialists feels insecure and avoid to invest in the country and also try to invest abroad. He said that the we must eradicate such propaganda and the Pakistani nation will appreciate the action against tax evaders.