Pak-Swiss negotiations to be held in Aug for the refund of $200bn

ISLAMABAD: In a bid to bring $200 billion – the amount Pakistanis illegally hoarded in the Swiss banks, back to the country, a delegation of Pakistan will visit Switzerland by late August, ARY News reported.

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Well informed sources has told ARY News that a Pakistan’s delegation comprises of three senior officials of Finance Ministry will visit Switzerland on August 26 to negotiate with Swiss authorities.

It is expected that Finance Secretary Dr. Waqar Masood will head Pakistan’s delegation during its four day visit to Switzerland.

During the negotiations a new draft will be designed for the amendment in Pak-Swiss Tax Treaty for the refund of amount.

Pakistan’s federal cabinet had already given approval for the amendment in the tax agreement in September last year.

It has already been revealed that about $200 billion of Pakistanis are lying in Swiss Banks. It has been disclosed that around 50 secrets accounts are opened by Pakistani’s in 10 different banks of Switzerland.

According to sources, negotiations will be held soon but the refund will take time.

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