First tax recovery made under Panama Papers investigation

ISLAMABAD: Exactly two years after starting the exercise, the tax authorities have reported their first recoveries under the investigations into assets held by individuals named in the Panama and Paradise papers.

Data from the Federal Board of Revenue, obtained by Dawn, shows that the Karachi and Islamabad LTU have made the first recovery of tax since the start of the exercise.

The FBR has recovered a total amount of Rs6.2 billion out of total demand created in 15 cases. The recovery of the remaining amount of Rs4.64bn remains under process.

The break up shows that in six cases notices were issued to members of a single leading business family by the Islamabad LTU. The tax demand raised from the family was about Rs4.6bn out of which only Rs15m has been recovered from them.

The single largest tax demand of Rs3.164bn was raised from a Karachi based individual, which has been recovered in

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