Expatriats not bound to show their assets abroad, SC told

Staff Reporter

Islamabad

A person is not bound to show his assets abroad which are purchased against money earned abroad, Charted Accountant Asim Zulfiqar told the Supreme Court on Thursday. A three-member bench, comprising Chief Justice Saqib Nasir, Justice Umar Ata Bandial and Justice Faisal Arab, was hearing a petition seeking the disqualification of PTI chief Imran Khan and Secretary General Jehangir Tareen.
The petition, filed by PML-N’s Hanif Abbasi, accuses the two PTI leaders of not declaring their assets to the Election Commission of Pakistan and seeks to unseat them based on their alleged violations of the lncome Tax Ordinance, 1979 and the Peoples Act, 1974.
During the hearing, Charted Accountant Asim Zulfiqar appeared before the three-member bench to assist the court.
He informed the court that since 1947, three different laws have been implemented in the country. He said that as per the law a person who resides for more than 182 days in the country is called a resident. Therefore, if a person resides abroad from more than 182 days he would be considered a non-resident.
Speaking on taxation matters, he said that if a nonresident purchases some assets abroad against the money he earned there, then concealing or disclosing such assets would have no impact on taxation. Tax is not imposed on the money a non-resident earned from abroad, he elaborated.
He further said that a person is not bound to show assets held abroad which are purchased against money earned abroad. The court declared in its remarks that the status of a person, whether a resident or non-resident Pakistani, is of significant importance. The court also emphasised on constituting a fact-finding commission on foreign funding.
Earlier, council for Imran Khan Naeem Bukhari argued that Abbasi was a political opponent of Khan but had previously raised no objection over the nomination papers filed by Imran Khan.
The SC ordered the Attorney General Ashtar Ausaf to become prosecutor in the case against Imran Khan to the latter’s assets. The hearing of the case has been adjourned till June 13.

Share this post

PinIt
    scroll to top