Switzerland never offered to return $200 billion worth of Pakistani assets in its Swiss banks: FBR

Islamabad, August 3 (TNS): Pakistan’s Federal Board of Revenue (FBR) in a statement on Friday said that Switzerland never offered to return a single dollar of Pakistani assets deposited in Swiss accounts.

The FBR said there is a narrative being built by a segment of print and electronic media regarding Switzerland offering to return $200 billion, in 2014, under an Avoidance of Double Taxation Agreement (ADTA) with Pakistan.

FBR clarified that the main purpose of ADTAs was the elimination of double taxation and exchange of significant information regarding assets on request and ADTA was not responsible for retrieval of assets

It further said that the delegation formed was strictly in accordance with the delegations sent for negotiating ADTAs.

FBR told that the Chairman at that moment Tariq Bajwa, could not accompany for administrative reasons and that the delegation from Swiss side was led by a lower rank officer.

Further it added that misconception caused by the media reports that draft initialed in 2014 was not being implemented and that hindered Pakistan’s economy.