ISLAMABAD: A Pakistani delegation would visit Switzerland from August 26 to 28 to negotiate with Swiss authorities to upgrade the existing Pak-Swiss Tax Treaty, Parliamentary Secretary for Finance Rana Muhammad Afzal Khan said Friday.
Answering the question of Pakistan Tehrik-e-Insaaf’s Dr Arif Alvi, he said the up gradation of treaty would pave way to exchange confidential information about ill-gotten monies stashed up in clandestine Swiss banking industry.
He said the detection of account numbers of Pakistanis would help improving the health of country’s economy. According to Swiss authorities around 200 billion dollars – the ill-gotten money of various Pakistanis were currently stashed in 11 Swiss banks.
According to survey a total of 32,000 billion dollars have been deposited in Swiss banks by tax thieves from across the country.
He said federal Government is seriously working to seek help of new Swiss laws popularly known as The Restitution of Illicit Assets Act 2010 (RIAA) that allows Swiss Government to exchange confidential information about ill-gotten money stashed up in the clandestine Swiss banking industry.
He said the operation design through which advantage of the changes in Swiss laws can be taken is by amending/renegotiating the existing Pak-Swiss Tax Treaty.