Last Updated on: 30th June 2023, 05:55 am
Common UAE Bank Account Details Of Pakistanis Abroad Only Twice
The United Arab Emirates (UAE) tax authorities have only twice shared financial information on Pakistanis’ offshore bank accounts with the Federal Board of Revenue (FBR).
The sources told media spokesperson that the UAE tax authorities do not share information with the FBR on property held by Pakistanis abroad. Ownership details are not shared with Pakistan tax authorities.
However, UAE authorities share financial information such as bank details, stocks/shares/trusts of Pakistanis abroad.
So far, the UAE authorities have shared information about Pakistanis’ financial transactions abroad only twice.
The FBR International Tax Office coordinates with the UAE authorities all inbound and outbound exchange of information on request (EOIR) and spontaneous exchange of information (SEOI).
It is worth mentioning that the responsible departments of the Automatic Exchange of Information (AEOI) have taken the necessary measures against income taxpayers who have reported rental income from foreign properties abroad.
There are hundreds of “foreign-source property income” cases being prosecuted in foreign jurisdictions including the UK, US, Turkey, Spain, Canada and the United Arab Emirates, the sources said.
However, the FBR has exercised its right to tax such foreign rental income in Pakistan and the owners of such properties are entitled to a tax credit of the taxes paid in the foreign jurisdiction on their income tax returns.
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