For the first time, UAE agrees to share property details of 500 non-Iqama holder Pakistanis
This is the first time UAE has agreed to share sensitive details with Pakistan
For the first time, the United Arab Emirates (UAE) has agreed to share property details of 500 non-Iqama holder Pakistani nationals. The information will provide valuable information to Pakistan’s tax infrastructure. Previously, FBR faced immense difficulty in obtaining data regarding Pakistani nationals residing in other countries and offshore information.
Both countries also reached an agreement to avoid the Pak-UAE double taxation treaty, which will also help remove irritants and cooperate in the sphere of taxation particularly. However, UAE has given no go-ahead for sharing details of those Pakistanis who own UAE residence visa, also commonly called as Iqama, under its Residence by Investment (RBI) policy remains unresolved.
Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh has requested the Organisation for Economic Cooperation and Development (OECD) to help resolve the iqama-holder issue. FBR Chairman Shabbar Zaidi tweeted about the agreement between UAE and Pakistani authorities.
“We are pleased to inform you that a very productive meeting has been held in Dubai on October 9 and 10 on the matter of exchange of information [and] the Dubai Land Department will instantly provide details of Pakistani owners of Dubai Properties,” tweeted FBR Chairman Shabbar Zaidi on Friday.
We are pleased to inform that a very productive meeting has been held in Dubai on October 9 and 10 on the matter of exchange of information. Dubai Land Department will instantly provide details of Pakistani owners of Dubai Properties. Iqama abuse is also being handled.
— Syed Shabbar Zaidi (@ShabarZaidi) October 11, 2019
UAE has agreed to give updates about people who hold properties in Dubai on a weekly basis. Pakistani authorities will further be sharing details about its 500 nationals in an attempt to gain access to true owners of the properties. The UAE government will also ask for the help of its largest real estate developer aimed at identifying the people.
However, significantly, the UAE authorities will also inform about the date of the purchase of these properties. It would help the FBR determine their exact tax liabilities.
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