Deposits retained by Pakistanis in Swiss banks fall to lowest since 1996

The Swiss National Bank’s annual report has made a startling revelation, depicting a fall of 34% since 2017 in money deposited by Pakistanis in Switzerland. The value of CHF 724 million or $738 million calculated in 2018, has decreased 49% since 2015, when Pakistan and Switzerland finalised a revised taxation treaty. This is the lowest amount of deposits since 1996.

The officials of the Federal Board of Revenue (FBR) said that Pakistani nationals still have far more than CHF 724 million deposits but these are hidden through various modes.

Source: ExpressTribune