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‘Black Economy Generating Undeclared Assets Home and Abroad’

(BE2C2 Report) — The country’s apex court has tasked a special committee to suggest ways to trace and retrieve assets from abroad in view of a suo motu notice on ill-gotten money of Pakistani citizens in foreign banks. Last year, the then Finance Minister Ishaq Dar had a figure of US$200 billion as an estimated sum that Pakistani citizens hold in Swiss bank accounts. An estimated 4 to times this figure is speculated to be held as assets by Pakistanis abroad– both legally and through inappropriate means. In either case,Read More


Property Black Hole of Pakistan Economy

IN an exercise to ascertain the amount of money pouring into Islamabad’s real estate sector, the Federal Board of Revenue has discovered the astonishingly high figure of approximately Rs100bn over three years, at DC rates. This is the official declared rate at which property transactions are disclosed, and as most people already know, the real amount is far higher. It is difficult to put a figure on what the real amount could be, but it is not unrealistic to estimate that it would be as much as four times theRead More