Pak Nationals have Withdrawn 50% of the Total Assets from all Swiss Bank Accounts

“Banks in Switzerland 2019”, as per this annual report published by the central bank of Switzerland the Swiss National Bank, the money of Pak nationals kept in the banks of the country has decreased by 50% to $377. This is the lowest ever level.

Pakistanis have been withdrawing their money stored in the Swiss banks since 2015, once the revised taxation treaty was signed between Pakistan and Switzerland.

Back in 2018, the money kept by Pak nationals in Swiss banks was worth around $754 million. In 2015, the direct assets of Pak nationals kept in Swiss banks peaked as it crossed the worth of $1.5 billion.

However, in 2019 the Pak nationals assets kept in the Swiss banks via trustees or wealth managers increased to $527 million from the $316 million in 2018.

Also read: The Swiss government has announced to exchange bank data with Pakistan and 18 other countries

The ability of Pakistan to benefit from the exchange of information by the Organisation for Economic Cooperation and Development (OECD) hindered dye to the tax amnesty schemes accorded by former PM Shahid Khaqan Abbasi and incumbent PM Imran Khan and inadequate administrative structure of the Federal Board of Revenue (FBR).

Back in 2018 and 2019, the details regarding $7.5 billion kept in 154,000 OECD bank accounts owned by 57,450 Pakistani nationals were shared by OECD with Pakistan. But as per the Directorate General of International Taxes of FBR, till now just $6 million have been recovered so far.

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