Switzerland never returned a single dollar under ADTA: FBR

ISLAMABAD: Pakistan and Switzerland signed revised Avoidance of Double Taxation Agreement since March 2017 but under this agreement Swiss authorities had never offered at any time to return even a single dollar of Pakistanis deposited in Swiss accounts.

According to statement issued by FBR here on Thursday stating that in order to allay the misconception being caused 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, it is stated that as per record available with FBR, Switzerland never, at any time, offered to return even a single dollar of Pakistanis deposited in Swiss accounts.

It is further explained that ADTAs are not meant for retrieval of assets. The primary purpose of ADTAs is elimination of double taxation and exchange of information on request.

The media has also attempted to raise questions regarding sending of junior officers for negotiations with the Pakistani delegation. In this regard it is clarified that the composition of the delegation was strictly in accordance with the delegations sent for negotiating ADTAs and the then Chairman, Tariq Bajwa, could not accompany for administrative reasons and the fact that the officer leading the delegation from Swiss side was also of lower rank.

Lastly, the impression conveyed in the media reports that non-implementation of the draft initialed in 2014 has caused loss to Pakistan as otherwise Pakistan would have been able to access the benefits thereof immediately is totally misconceived since ADTAs are not for retrieval of dollars or assets.