There are many Pakistanis having dual nationalities. Most of them have returned to the country after having worked for decades in the United States and elsewhere. They have savings made during their stay abroad and are also paying taxes to the respective governments.
So, basically the foreign assets are their savings after tax payments. Why should they be paying capital value tax (CVT) on their foreign assets?
CVT should apply to people who have made money in Pakistan and then transferred their assets abroad to escape from tax they owe to the government.
Dual nationals, who are working in Pakistan, are filing their tax returns and paying the tax to the government, but why should they be subjected to double taxation on their foreign savings which have been declared in their tax return to Federal Board of Revenue (FBR) and are post-tax savings? Can the relevant authorities clarify this point?
DR MUMTAZ LAKHANI
KARACHI
