Pakistan Tehreek-e-Insaf (PTI) MNA Asad Umar has voiced serious reservations over reports of massive investment by Pakistanis in Dubai real estate sector.
In a letter to Qaiser Ahmed Shaikh, the Standing Committee on Finance and Revenue chairman, Umar has asked whether the authorities concerned had a list of Pakistanis who had invested in Dubai.
“This is a cause of concern. Do Pakistani laws allow individuals to invest abroad for the purpose of making a profit and if they do, what approval requirements are in place?” he asked.
“The State Bank of Pakistan (SBP), in its last briefing to the committee, had said that overseas investment by resident Pakistani individuals was not permitted,” he stated.
“Have the authorities verified whether these investments have been declared in the income tax returns of the people who have made these investments, besides verifying whether the acquisition of such properties can be justified from the declared means of income and wealth of these individuals?” he questioned.
“What action has been taken, if any, against those found to have concealed assets, evaded taxes or any other laws,” he asked.
“Have the SBP, Federal Investigation Agency (FIA), the National Accountability Bureau (NAB) or any other agency carried out any investigation and produced any reports on large amounts being invested by Pakistanis in property in Dubai,” the letter stated.
“The issue of advertisements appearing in Pakistani newspapers inviting people to invest in property in Dubai had also been highlighted in the committee’s meeting. The committee was then assured that action had been taken and such ads did not appear any longer,” the letter reads.
“However, in the recent past, we have seen a reappearance of such ads, so it is time the committee took cognizance of this issue and looked at it comprehensively,” he said.
“The combined impact of these two developments is effectively the socialisation of costs and privatisation of profits. The standing committee has to play its role and discharge its responsibility in this regard and discuss it in its next meeting as had been agreed,” he added.
