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ISLAMABAD/HEATHROW: A day after his party denied that Imran Khan owned a London flat through an offshore company, the Pakistan Tehreek-I-Insaf (PTI) chairman himself admitted he formed an offshore company to buy the London flat in 1983 to evade British taxes.
Speaking to reporters at London Heathrow Airport, Imran said he formed the offshore firm on the advice of his accountant to evade taxes during his playing days to buy a flat in London.
"I was already paying 35 per cent tax on my income there, so to evade further taxes, I bought the flat through an offshore firm, which was my right as I was not a British citizen," Imran told the reporters.
Meanwhile, PTI spokesperson Naeemul Haq also admitted that his party chief had formed a 'legal' offshore company through his earnings from cricket, which owned his London flat.
While speaking on Geo News talkshow 'Naya Pakistan', PTI spokesman Naeemul Haq took back his earlier denial.
"I was Imran Khan's bank manager in London at that time, his accountants formed this company to buy the London flat," said the PTI spokesman.
He added that when the flat was sold, Imran brought the money to Pakistan through Habib Bank.
Answering a question about Imran Khan's tax returns and this offshore firm, Haq said he will "reveal the details to the media on Saturday after talking to Imran Khan's accountant".
Defence Minister Khawaja Asif, while speaking during Geo TV show 'Aaj Shahzeb Khanzada Kay Saath' criticised Imran Khan for repeatedly denying the possession of any offshore firm.
Moreover, prime minister's daughter Maryam Nawaz, through her official Twitter account, termed PTI chief the 'pioneer' of offshore companies.
PPP Senator Aitzaz Ahsan, on the other hand, said that Imran Khan cannot be compared to Hassan Nawaz as his source of income is declared and he is voluntarily presenting himself for accountability.
"We demand accountability for all but as our terms dictate, it should start with prime minister and his family," said the PPP Senator.
In an interview published in The News on Friday, PTI spokesman Naeemul Haq was quoted as saying that Imran Khan himself owned the flat and it was not bought by an offshore company.
The report published in the paper stated that a 'Benami' offshore firm ‘Niazi Services Limited’ owned Imran Khan's flat in South Kensington, London.
According to the paper, the offshore firm was established for 'sporting consultancy' and was active till 2011. The London flat was however sold on March 17, 2003.
When asked why he denied the existence of the offshore company earlier, Haq simply said he forgot.
Imran Khan had severely criticised Prime Minister Nawaz Sharif and his family for owning and benefiting from offshore companies after the ICIJ investigation which led to the release of Panama papers revealing offshore accounts of the rich and mighty across the world.
He, along with other opposition leaders, demanded the prime minister to resign until the issue is investigated and the premier gets a clean chit.
Just two days ago, he told a public rally that the Panama Papers exposed how 'corrupt' our PM was.
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On DawnNews
May 13, 2016 09:38pm
This is what I call transparency and coming forward without any attempt to hide. If you have done nothing illegal, than you should have no reason to conceal the details of your earnings or assets - in Pakistan or elsewhere.
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May 13, 2016 09:38pm
So its confirmed. All political leaders in pakistan owned offshore companies.
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May 13, 2016 09:40pm
Nawaz Sharif can not do any thing as he himself own offshore companies while staying in power. If govt are sincere they should do the accountability of IK along NAwaz SHarif.
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May 13, 2016 09:41pm
So much for honesty
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May 13, 2016 09:42pm
Well that's simply embarrassing, you should be totally clean urself when u r asking others to come clean.
and till now Mr. Khan you have alienated ur own supporters and voters. Please stop and evaluate urself, ur party and associates before going alll gun blazing next time.
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May 13, 2016 09:44pm
It is common for non-nationals buying property in Europe or US to buy through off-shore companies to ensure they are not personally liable for any liabilities of the property.
How you finance this off-shore company makes the company legal or illegal. If the funds are legal, company is legal and if eth funds are ill gotten the company is illegal.
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May 13, 2016 09:44pm
What a hypocrisy
Imran Khan Forgot?
Blame others and forget yourself
Well done Imran Khan!!!!!
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May 13, 2016 09:44pm
Wow.
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May 13, 2016 09:45pm
PM and Ministers and NOON League with due respect:
He owned an off shore with his own money, we don't see any problem in this.
Anyone who owned, like Aleem Khan or any other person, with his own money, NOT from corruption like PM, we just want it should be declared and tax be paid.
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May 13, 2016 09:48pm
So What ??
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May 13, 2016 09:48pm
Pandora's box is now open!
This will put IK on defensive. Pakistani politics seems to be a comedy show now.
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May 13, 2016 09:49pm
From the reading, I learned ... IK earned money offshore, invested it offshore, bought a flat offshore ... And then sold everything to bring all his money earned abroad to Pakistan.
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May 13, 2016 09:50pm
I did not see this coming. But at least we know where IK's money came from. Can the Sharif family give any verifiable legal account of how they managed amass such fortune in their offshore accounts?
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May 13, 2016 09:51pm
"Just forgetting " cannot be a convincing argument in te eyes of law.
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May 13, 2016 09:52pm
It seams no one is without some fault....
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May 13, 2016 09:52pm
1. in 1983 IK did not hold public office. 2. He paid taxes and brought money back to Pakistan after selling the flat 3. Closed the company in 2005.
What wrong has he done?
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May 13, 2016 09:52pm
Why is the media trying to deviate from the actual issue? Government influence maybe? The real issue is that PM Nawaz hasn't disclosed his assets and source of money for his offshore companies and his son / daughter both have been caught on television denying they own anything outside of Pakistan. PML N are crooks. It's as simple as that!
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May 13, 2016 09:54pm
"He forgot he had an offshore company"
i mean seriously?! You gotta be kidding me!
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May 13, 2016 09:54pm
Evidently, Imran Khan paid income tax on the cricket earnings with which he purchased the flat. This does beg the question, however, as to why, in that case, he needed to set up an offshore account. Couldn't he have bought the flat directly when everything was clean and above board. Frankly, it appears to me he is tarred with the same brush as NS, harking back to his early cricketing days when he admits to scuffing the ball with his nails.
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May 13, 2016 09:54pm
Flat was sold, money brought back to Pakistan, company closed in 2005, IK making himself available to any investigation by anyone is enough proof of honesty involved. I have formed a company in France which owns my apartment for the benefit of my children. It is perfectly legal as long as long no money laundering is involved which is not the case in respect of those who have been exposed by the LEAK
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May 13, 2016 09:55pm
Finally Imran Khan cough up infowhat he was hiding so long and going after Nawaz.
God knows what else he is hiding like any other typical Pakistani leader, to look others pocket and not his own for ill gotten money.
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May 13, 2016 09:55pm
Has Imran ever been in any Public Position, let alone being a PM?
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May 13, 2016 09:56pm
@Mohammad Better late, than never, like NS and his family, who continue to deny all it, to this day.
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May 13, 2016 09:57pm
@Sher Khan yes Aleem Khan is so clean that he bargained a plea deal with NAB just for fun
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May 13, 2016 09:59pm
PTI fanboys will still defend IK. What a pity.
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May 13, 2016 10:00pm
Let's get the terms right:
"Tax avoidance" is ones right and "Tax evasion" is a crime.
The question is whether IK ans NS were involved in "Tax avoidance" or "Tax evasion"
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May 13, 2016 10:03pm
@Sher Khan
"He owned an off shore with his own money, we don't see any problem in this.
Anyone who owned, like Aleem Khan or any other person, with his own money, NOT from corruption like PM, we just want it should be declared and tax be paid.
"
Not only that BUT also IK brought the money to Pakistan through banking Channel.
IK is a hero, when we look around the thieves surrounding us.
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May 13, 2016 10:06pm
Hope Maryam Nawaz tweeter account will get active with this news, as her tweeting stopped after her name appeared on 2nd list of Panama leak.
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May 13, 2016 10:07pm
@Mohammad - The point is IK has disclosed it fully. If he invested taxed income in that offshore company then its not illegal. The important fact is he sold that flat and all money is in Pakistan albeit he avoided (not evaded) paying some UK tax.
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May 13, 2016 10:07pm
Pathetic his off shore is legal while
NS is illegal. who will be the judge. Offshore are made to evade taxes
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May 13, 2016 10:08pm
Imran Khan opened an account with the money earned in UK . So what is wrong with that. This money was not taken out of Pakistan using any illegal means.
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May 13, 2016 10:09pm
Noon league is getting desperate now. The issue is how did they earn that money we all know how IK earned his money now can Nawaz tell us how his kids earned millions while still at school.
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May 13, 2016 10:09pm
Now this has been exposed, how long before his ball tampering and throwing games?
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May 13, 2016 10:09pm
A saying in my language Kannada goes: "When you point a finger at others, three fingers are pointing at you". Not very different from the admonition by Jesus: "“He that is without sin among you, let him first cast a stone at her.”
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May 13, 2016 10:09pm
Birds of the same feather flock together. Chips of the same block. We are all buying to eat from the same market.
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May 13, 2016 10:10pm
@Sher Khan, this is not true. He didn't own this company in his name. Please check again.
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May 13, 2016 10:11pm
PMLN is working very hard to come up with something against IK to justify allegations on Nawaz Sharif. According to Jang news the London flat he bought was for only 10,000 pounds and that is equal to $16,000. This is a very small amount. Poor IK earned only that much compared to millions an average cricketer is making now a days. We have never heard of any other property owned by IK. According to IK he earned that money while playing cricket for english county and in Australia. So far IK is honest and clean. The burden is on Nawaz Sharif.
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May 13, 2016 10:11pm
His statement conveys only one message to me: 'he doesn't know politics.'
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May 13, 2016 10:12pm
When 11.2 million files are there in Panama and the whole population on this planet is 7,200 million, the result is one file for every 626 people in the world!
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May 13, 2016 10:14pm
@Sher Khan it has yet to be proven that it was an ill gotten money. You are passing judgement without proof.
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May 13, 2016 10:15pm
1. Off-shores companies are not illegal and anybody can form them to keep privacy and evade tax in a legal way and so did children of Nawaz Sharif.
2. Imran Khan's wealth was generated in UK through playing county cricket but what is the source of wealth of children of Nawaz Sharif especially when Nawaz Sharif is under corruption charges since 90s and the international media has been highlighting it since then.
3. Imran Khan earned money abroad and brought it to Pakistan in a legal way through bank but how the wealth of children of Nawaz Sharif went abroad? And where is the property of Nawaz Sharif inherited from his father?
4. Imran Khan declared his property before election commission but why did not Nawaz Sharif declare his childrens' property in the nomination papers and why did not Captain Safdar declared off-shore companies of Maryam Safdar in his nomination papers?
Imran Khan and Nawaz Sharif can't be compared simply.
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May 13, 2016 10:16pm
For paying taxes all you need is to be a legal resident , not citizen ...This man is guilty under british laws already.. He was a legal resident since he was playing county cricket... he admitted the charges himself
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May 13, 2016 10:16pm
@Mohammad ...there's no hypocrisy here. He honestly did what was legal through his legally earned money.
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May 13, 2016 10:17pm
People saying he had his own money. Listen, Evading taxation is illegal on its own and is punishable by Fines and imprisonment. no wonder pti and all these parties lost it when the PM said that the investigations would not just be about him but everyone. Aleem Khan, imran Khan, jehangir Tareen all of them caught. How about you people correct yourselves before highjacking the country every other week.
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May 13, 2016 10:17pm
@Sher Khan Yes there is a problem, he says he was not British
citizen, that means he was Pak citizen, the question is DID HE PAY TAXES ON THOSE EARNING TO PAKISTAN?
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May 13, 2016 10:18pm
Pakistan has yet to produce a honorable man beside Mr. Jinnah.
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May 13, 2016 10:19pm
@Mohammad no but he did not laundered. There is a difference and he was not a prime minister then
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May 13, 2016 10:20pm
Well said IK
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May 13, 2016 10:20pm
@Sher Khan
Yes declared.Imran did the opposite.
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May 13, 2016 10:22pm
I think IK is right. He used this company to save 35% Capital gain tax of UK on the sale of this company and he then transfer that wealth to Pakistan. This is different from N-league's case.
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May 13, 2016 10:22pm
I am sure this not a big deal and he already regrets his mistake.
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May 13, 2016 10:23pm
The issue is not forming offshore company but where did the money come from. IK transfered money back to Pak. On the other hand PM needs to disclose where he got all that money from.
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May 13, 2016 10:23pm
Good IK also had the offshore company :) our PM is saved now... lets not discuss PM's offshore companies pls.. let him do what he is doing guys.. let him earn a little ok?
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May 13, 2016 10:23pm
@Mohammad He used British tax laws to evade British taxes in the UK. All was legal. Furthermore, he never denied owning the flat and brought money to Pakistan.
Whats the hypocrisy?
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May 13, 2016 10:23pm
@Sher Khan if it was all legal then why deny and lie about it until it was no longer possible for him to deny and lie any further. Then he admits and says he forgot!
IK is acting just like NS. Secretive and not telling the whole truth!
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May 13, 2016 10:25pm
So you got caught and now you admit it? You have a right to 'evade' taxes? Did you misspeak? No one has a right to evade but try for avoidance. I also pay more than 35% tax (federal, state and Social security tax) in the US and so you say I should try and 'evade' taxes on my income in Pakistan?
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May 13, 2016 10:26pm
@Sher Khan
Well done. When it comes to PTI everything is just and cannot be criticized.
Dual standard.
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May 13, 2016 10:26pm
IK should have been more forthcoming on this subject. If he formed this company with his own money then he will have to answer the UK government on evading taxes, even though it seems he is currently paying 35% taxes on his income. The problem is that a common Pakistani does not understand these differences and to them it is all the same therefore, they can easily be manipulated by people like Nawaz and et al.
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May 13, 2016 10:27pm
@Mohammad I live in US and I have an offshore account because I made the money abroad. I pay taxes in US on my money. Did NS earn his money in UK? Then he should provide evidence on how did he make that money? And if he made the money in Pakistan then he must show evidence on how the money was transferred abroad. It is simple .. and does not require a complicated theory.
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May 13, 2016 10:27pm
@Sher Khan "Anyone who owned, like Aleem Khan or any other person, with his own money, NOT from corruption like PM, we just want it should be declared and tax be paid."
The sole purpose of an offshore company is to evade paying tax by not declaring the assets.
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May 13, 2016 10:27pm
This man now has been fully exposed, portraying himself as pious and honest is known to every one , recently people have rejected him and his party in Peshawar by election.
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May 13, 2016 10:28pm
@Sher Khan : Like Aleem Khan? What about his various mega-land scams like Park View Housing Scheme and Railway's land grab on 99 years lease and sold to public, etc.?
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May 13, 2016 10:28pm
@Sher Khan
Question is not only of own money, Its also one of declaring that money in tax return and paying taxes on it. Additionally, was that money sent out of pakistan through legal means or not.
As far as exclamation that he didnt have to pay UK taxes as he wasnt citizen is invalid. You have to follown law of the and where you own property regardless of you are citizen of that jurisdiction or not.
If its not the case, than it principally right no where who does it and where does he do it.
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May 13, 2016 10:30pm
The difference between NS situation and IK is very simple>
IK was a cricketer at time when the offshore company was setup; all his income from UK; he was not in politics at the time; and he avoided British taxes; bought the flat with his own money, in the UK, and sold it and brought the money to Pakistan. He has disclosed these facts and offering to reveal documents related to these transactions.
Compare that to NS, and how his wealth multiplied as soon as he became the PM the first time; all the income supposedly came from Pakistan, and was subsequently moved abroad through offshore companies and questions still remain, if he declared these assets and paid all Pakistani taxes on that income??
It is not hard to see who was doing what, shrouded in secrecy and continues to drag his feet about his offshore accounts, disclosed sources of his wealth and myriads of other questions.
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May 13, 2016 10:30pm
Now, let us talk about his famous invention of "ball tempering" using bottle-cap!
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May 13, 2016 10:31pm
Needs full investigation
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May 13, 2016 10:31pm
this is the reason for all offshore companies to avoid UK taxes! evasion is a crime avoidance is not!
Did he get kickbacks from Pakistan contracts for being PM? source of his money was sports and declared,
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May 13, 2016 10:37pm
He earned money by playing Cricket unlike N league leadership's ill gotten money .
Till date N league leadership unable to disclose the source of transfer money in their off shore accounts.
Even though Imran deserves punishment to hide his off shore company.
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May 13, 2016 10:37pm
@Sher Khan : He had evaded tax payable to British authorities and he will now face the British music.
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May 13, 2016 10:37pm
Imran the tax cheater! Make him repatriate the funds to Pakistan and then tax it. Don't let him get away with this hypocrisy. Shame on him.
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May 13, 2016 10:38pm
Who cares whether Nawaz Sharif or Imran Khan set up an offshore company. Everyone avoids taxes if they can. Every corporation and every person in every country in the word with the means to do so sets up offshore companies in zero tax jurisdictions because it's perfectly legal to do so. Instead of uselessly pointing fingers at individuals for doing something that is perfectly legal ask for the laws to be changed.
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May 13, 2016 10:39pm
@Mohammad This is not hypocrisy he dares to speak truth and accept if he did commit any wrong doing.
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May 13, 2016 10:39pm
IK bought that flat with his own money, and then sold his property and brought his wealth in Pakistan - whats wrong with that?
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May 13, 2016 10:41pm
I am not IK fan but Just to be fair: JUST one flat income earned by playing sports vs. billions of dollars earned on the expense of hardworking people.
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May 13, 2016 10:43pm
Our country men are still confused in what is offshore accounts. I think DAWN should publish a brief report on it. All offshore companies are not illegal. If NS show the people of Pakistan money trail and the source then its all ok.
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May 13, 2016 10:43pm
@Mohammad At least he did not steal our tax money, it was his own hard earned savings.
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May 13, 2016 10:45pm
Nothing wrong in owning an offshore company, also he evaded British Taxes.....not Pakistani ! I admit it is still wrong but there is an obvious loophole which people will exploit. Nawaz Sharif is evading Pakistani taxes because there is no accountability and the reason for that is because the money is stolen ! Imran earned the money to buy that flat
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May 13, 2016 10:48pm
The issue is not the offshore companies. The issue is the hidden money and its sources. There's no need to confuse the issue.
It was the British tax which was saved in a legal manner.
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May 13, 2016 10:49pm
when every one is guilty than no one is guilty. well played Imran. cover drive
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May 13, 2016 10:49pm
Hypocrisy at its worst… Most PTI top leadership belonged to middle or lowers middle class before 1980s… and are now worth billions… Ironically, insaf seekers possess all the luxuries of life planes, limousines, mansions… yet no accountability for them… Time to come clean…
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May 13, 2016 10:51pm
Very bad Political move by Imran khan. It would backfire very badly.
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May 13, 2016 10:53pm
@Sher Khan,is tax evading also okay?
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May 13, 2016 10:54pm
Height of stupidity.
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May 13, 2016 10:55pm
Imran is only a shade better than Nawaz. Shame on both of them.
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May 13, 2016 11:00pm
Another DHARNA Bites the Dust.
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May 13, 2016 11:00pm
@Sher Khan Agreed
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May 13, 2016 11:02pm
atleast IK shared the truth with nation unlike Sharif
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May 13, 2016 11:02pm
as long as his offshore company was declared to Pakistan tax authorities back then, then there is nothing wrong with that.
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May 13, 2016 11:16pm
The real problem we have with NS is that he denies denies denies and attacks anyone trying to reveal him. That is pure evil. We don't we know his source of income.. we are assuming that he stole tax money or foreign aid. Why doesn't he come clean like Imran Khan? Nothing wrong with earning your own money and bringing it to Pakistan.
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May 13, 2016 11:16pm
Whoever finds an opportunity does does show his/her greed for wealth but also must take a shot at others calling them corrupt, greedy and unprincipled.
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May 13, 2016 11:17pm
Shocked and disappointed! Whether you are a UK citizen or not, you cannot own a property and not pay taxes on it. The readers should know that owning an offshore company directly means evading taxes. This is corruption. There should be no confusion about it. I didn't expect it from Imran Khan. For the past decade, he has portrayed himself as the champion of non-corrupt, clean politics. I cannot vote for him again.
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May 13, 2016 11:17pm
Just forming a company is not an issue. It's a problem if one can't give the source of money and tax paid on it (if earned in Pakistan).
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May 13, 2016 11:17pm
@Sher Khan
Well done. When it comes to PTI everything is just and cannot be criticized.
Dual standard.
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May 13, 2016 11:17pm
@Sher Khan so u proved PMs corruption and never saw how Tareens wealth multiplied. Rischest honest and principled guy Tareen.
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May 13, 2016 11:18pm
Owning and operating an offshore company is not unlawful. The question is not why Pakistanis own offshore companies but how they are or were funded, what was the source of funds and if the applicable tax was paid on such funds in the country where the money was earned. However, when it comes to political leaders who claim to represent public interest,the ownership of offshore companies for investment in foreign lands is morally unacceptable and thus questionable
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May 13, 2016 11:18pm
It is not a crime to keep your funds abroad if your funds are earned abroad.
NS and Zardari took hoards of cash in suit cases and brought them back the same way.
Learn what is legal and what is illegal. Do not let your prime minister get away with a crime.
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May 13, 2016 11:18pm
I see many similarities between Pakistani politician Imran khan and Indian politician arvind Kejriwal ! Both r new in politics with just one aim to become PM without proving anything but just accusing everybody as corrupt and only they r honest.although they r as corrupt as any other politicians and have many bodies in closets !! Now who is going to do dharna against Imran ? :)
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May 13, 2016 11:20pm
When I do it it's right, when Nawaz Sharif does it it's wrong - IK motto.
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May 13, 2016 11:21pm
What Imran did is not evasion. It's tax avoidance and everyone does it. The issue is "source of income". If source is okay like in case of IK, it's fine. Nawaz Shareef or his sons are required to prove the same.
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May 13, 2016 11:22pm
portray himself clean from any wrongdoing, now has been caught
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May 13, 2016 11:23pm
@Sher Khan IK did it to avoid taxes in UK, do you think he was right to evade taxes where he was earning?
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May 13, 2016 11:26pm
Pakistani people,most of them have no idea how the offshore investments work and because of this Nawaz sharif and his family members are able to stay in power
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May 13, 2016 11:28pm
There is a difference in owning assets offshore with your owned earned income vs looted money from people. Anyone with half a brain would understand this.
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May 13, 2016 11:30pm
@Sher Khan
This is the real question: Did IK own a property in the UK and evaded paying taxes on it in the UK? Yes, he did. This is illegal, and he could be trailed for it in the UK, even if he's not a British citizen. Owning an offshore company is not unlawful, but registering a property under an offshore name in order to avoid paying taxes is unlawful. I don't accept his argument that after selling that property in the UK (without paying any taxes on it for years), he brought that money back to Pakistan, and so he's a clean politician. Why did he own an offshore company in the first place, if he had nothing to hide? Why didn't he declare his UK property and pay taxes on it in the UK?
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May 13, 2016 11:31pm
@Mohammad The difference is Imran CAN explain where the money came from. Nawaz CANNOT.
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May 13, 2016 11:30pm
If u think owning a legal offshore company is wrong, atleast Khan has the heart to come clean and accept..unlike all of us who will raise fingers thinking they are less sinister
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May 13, 2016 11:31pm
Imran Khan is indeed the flip-side face of the same coin as Noon League after all. But ofcourse if we do it; it is OK, but if you do it; then I do dharna!
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May 13, 2016 11:32pm
@Sher Khan "PM and Ministers and NOON League with due respect:
He owned an off shore with his own money, we don't see any problem in this.
Anyone who owned, like Aleem Khan or any other person, with his own money, NOT from corruption like PM, we just want it should be declared and tax be paid."
He should have come forward the first day when the Panama papers were partially released.
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May 13, 2016 11:33pm
They all do this. At least Nawaz Shariff is taking Pakistan forward.
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May 13, 2016 11:33pm
The problem is not offshore company, it's the money. The prime Minister should not make this an excuse to safe himself, every one should be brought to justice for looting the country's wealth
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May 13, 2016 11:35pm
If you can cheat off the field, then you can cheat on the field as well.
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May 13, 2016 11:35pm
He is wrong in saying that since he wasn't a British citizen, he had the right to make an offshore company and avoid paying taxes in the UK. There are separate tax payer laws in the UK for properties owned by citizens and non-citizens, but that doesn't mean that you can completely evade paying taxes, you pay a different amount per year. By transferring that property name under an offshore company, Imran Khan didn't pay any tax on it in the UK, which is against the law.
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May 13, 2016 11:35pm
@Sher Khan So how do you know PM/his sons/daughters do not own companies from their OWN money ? They have been businessmen for three generations. So much so that their assets were nationalized in 1970s. Do you have proof of Corruption or is it that Only You are blinded to see one side ?
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May 13, 2016 11:38pm
please don't compare IK with the Shareefs. IK used his own money and way long before his entrance into politics, so it was his own money.
As for shareefs, everyone knows the story
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May 13, 2016 11:38pm
Even the UK Prime Minister Cameron's father was ridiculed in the British parliament for avoiding paying taxes for 30 years on his wealth by transferring it to offshore companies. How can Imran justify doing the same on his UK properties and claim to be innocent?
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May 13, 2016 11:38pm
Honest man. He had offshore company and he admits but he don't have now. On the other hand PM and his family who are having countless offshore companies as per panama leaks but they are still in denial mode.
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May 13, 2016 11:40pm
Not at all surprised, in fact any person claiming piety all the time is dubious. IK you have proven you have two faces, and above all you don't belong in politics.
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May 13, 2016 11:43pm
I am speechless.
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May 13, 2016 11:44pm
As long as he is not breaking any laws, there are no issues. It is his hard earned money and not stolen money like some other politicians. So let us not hype this PLEASE.
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May 13, 2016 11:47pm
London Flat bought with legal money. Then sold and money brought to Pakistan and bought property in Pakistan by IK. Whats wrong with that. Can PM tell how he send money abroad to buy London flats and from where this huge sum came from.
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May 13, 2016 11:49pm
There is a huge difference in owning an offshore company with legal funds and owning an offshore company with illegal funds! God people, use the little brain you guys have.
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May 13, 2016 11:50pm
The offshore company was closed in 2011 and flats sold in 2003. What IK has to declare ?? and can it be compared to PM's properties when he was and is PM.
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May 13, 2016 11:50pm
Very childish comments and attitude of Maryam nawaz.
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May 13, 2016 11:52pm
@Mohammad You don't get it. The issue is source of money. The source of money for PM was Pakistan treasury. Got it!
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May 13, 2016 11:55pm
My read is he could have bought his flat despite not being a British citizen. But that would have meant paying more taxes. By setting up an offshore company he evaded the additional taxes. The simple question is was that legal? The next few days should tells seems like offshore doesn't equate any more with out of sight out of mind :))
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May 13, 2016 11:55pm
Well! Pot has been calling Kettle black. There is no hope for Pakistan, they are all corrupt.
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May 13, 2016 11:56pm
our leaders are from us, why cry over this. accept it or change yourself.
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May 13, 2016 11:57pm
Forming offshore company is not illegal. Major corporations in USA form companies in states to avail tax breaks. Main issue is where did the funds come from for the offshore company. Nawaz Sharif need to answer that question to the people of Pakistan.
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May 13, 2016 11:58pm
It was poor advice from his accountant to form an offshore company for flat ownership. Firstly, if it was Imran's Principle Private Residence (PPP) then there is no tax to pay on the sale and secondly, even if it was not a PPP then as a Non-Resident (in UK) he would not have paid any tax after the sale of his flat - Non-Residents have this exemption.
His dodgy accountant only made hefty fees for himself by forming and running an offshore company as it is very expensive to own an offshore company and only very wealthy people can afford this expense.
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May 13, 2016 11:58pm
Hope now our real rulers will ask IK to clear him name......
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May 13, 2016 11:59pm
Its a match between a thief to thief. Definitely the curse is only for the poor of this nation.
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May 14, 2016 12:01am
No issue here. His sources of income are legit.
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May 14, 2016 12:02am
Now what Sharif family did is justified. Joke of the century.
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May 14, 2016 12:05am
Was this property or account declared in Pakistan when it was under Imran's ownership? If not, then he's surely equally guilty. If declared here, then there should not be an issue. Ditto for Nawaz Sharif and all others. If the companies and the amounts they hold are declared as part of the assets of the individual, there is no harm or concern. It is only when we evade taxes in Pakistan, by hiding our assets, that we must be take them to task.
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May 14, 2016 12:08am
I don't get it. IK was trying to avoid British taxes from the money he earned as a cricketer. It was all legally earned and he did not loot anything.
If those earnings belong to Pak and IK did not pay taxes on it then all he has to do is pay the tax now with penalty. However, the people who have invested illegally earned wealth on these offshore firms are the problem, they need to not only return the money but should face jail time for looting the country or acquiring the wealth via illegal means.
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May 14, 2016 12:09am
@Mohammad We are interested in the money trail and acknowledgment of the existence of off shore companies. Forming an off shore in itself is not a crime.
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May 14, 2016 12:12am
Perfect time for Imran Khan to present himself along with Nawaz Sharif for accountability. Only 2 cases out of hundreds to begin with.
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May 14, 2016 12:13am
After Imran's confession, the Test Match has become Twenty-20 now.
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May 14, 2016 12:25am
Forming a company through legal money is not illegal
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May 14, 2016 12:26am
There is a viable money trail to IK's offshore endeavor.
> The company was set up in the Channel Islands with 10,000 GBP upfront capital by Jersey Law.
> Through this entity he bought the flat for 110,000 GBP through Barclays Bank PLC in 1983 while he was playing county cricket in UK. Being a non-national he couldn't buy UK property without having an enterprise in the UK territory of which Channel Islands is a part.
> He received no remuneration from the offshore company throughout its holding of the flat.
> He declared his flat as an offshore property prior to the 2002 elections. He sold the flat on March 17th, 2003 for 715,000 GBP and brought the money to Pakistan through Habib Bank UK / HBL Pakistan.
> After the selling of the property, Imran Khan left the company dormant and received only 1 GBP a year premium up till 2014, when the company was effectively dissolved.
Now, we can't say the same about Nawaz's family's shady dealings, can we?
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May 14, 2016 12:27am
They are all sailing in the same boat. They belong to same league. Though I am not a fan of NS, but at this moment when the financial and economic conditions are better as compared to what they were when AZ and YG were at the helm of affairs, let PMLN and NS complete their tenure.
If PPP, with all its major faults, can accomplish a task like this, its going to be an utter stupidity to not to let the PMLN follow. They are far far better performers on the development indicators as compared to PPP and even PTI. KP government has proven to be an utter disappointment.
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May 14, 2016 12:27am
Simply NS should follow IK, admit his offshore,or his family offshores accounts,and pay taxes here,that's all.
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May 14, 2016 12:28am
All the king's horses, all the king's men, could not put humpty dumpty together again. What a fall!!!!!
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May 14, 2016 12:33am
Imran Khan should provide FULL DISCLOSURE about his company (a) all documents related to its opening and operation, (2) all account statements, (3) documentary evidence of funds brought back into Pakistan, (4) current status of company, (5) if closed, when and how were the funds in that account disbursed.
Let's put our money where our mouth is! I am a staunch PTI / IK supporter and I demand this from him. I stand for full disclosure by all. Ditto for Aleem Khan and Mr. Jahangir Tareen. No holy cows acceptable.
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May 14, 2016 12:34am
IK's hypocrisy is being unfolded day by day. His party is going to join the likes of MQM, PPP and PMLN soon, if it hasn't already.
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May 14, 2016 12:35am
Sher Khan,
Evading taxes as a UK resident is....
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May 14, 2016 12:35am
@Sher Khan
All khans are angels!
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May 14, 2016 12:36am
Hypocrite, plain and simple. "Only reason ppl open offshore accts through Panama is to either hide wealth, esp ill-gotten wealth, or to evade tax or both."
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May 14, 2016 12:38am
Some play cricket and send money home ,
some do business, and send money home. Both are right, and now this blame game has to stop.
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May 14, 2016 12:38am
Bad news for IK. Even if legal as is in his case, he should not have denied having an offshore. Shows him off in poor light. Though I would advice Maryam Sharif not to be so self righteous, as such priggy ways will come back to haunt her. After all, she still has to say how and where she earned the monies for her properties; and how come she earned such sums when a minor of age (!), and whether taxes were paid on the same or not... and if legally earned as in the case of IK, who also paid his taxes in the UK on his cricket earnings, fair enough. However, in her case as her brothers, all the properties they own including Hyde Park corner building, will give huge surprises. Best to be quiet if I was her!!!
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May 14, 2016 12:38am
Tax avoidance and evasion are two different things, one is legal and the other illegal!!
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May 14, 2016 12:39am
useless arguments. All the leaders are sailing in the same boat
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May 14, 2016 12:40am
He objected to paying 35% tax on his earnings?
I pay 40% on my sorry lot and I know some of that goes to the Overseas Aid Fund .
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May 14, 2016 12:45am
If Pakistan tax system help trader , business and rich people like Swiss or Dubai . People have right to save money through any legal method or any loop in system. I don't know about Corruptions by politicians because they never steal from me. I saw Only those people stealing money from me or doing corruption who accuse politician.
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May 14, 2016 12:46am
Imran lost moral right to ask for resignation of Nawaz. He is claiming publicly that he did to evade taxes on British soil.
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May 14, 2016 12:47am
It was my right to evade tax. EPIC! #RIP movement against our corrupt PM.
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May 14, 2016 12:47am
No surprise. Is hamam ma sub nange hai!
Imagine blind followers instead of being felt betrayed will claim how " honest IK is" :).
ik you were you are and you will be always a typical politician who makes fun of peoples feeling pretending to be Mr. Clean but you are NOT.
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May 14, 2016 12:48am
The question is what is the source of the income. Is the money earned through corruption and looting Pakistan's wealth? If yes, that's a problem. If not, then Pakistan does not tax it's citizen's on foreign earned income and if he is evading double taxation by British authorities, I could care less.
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May 14, 2016 12:49am
Oh my God! Surprise after surprise from Imran Khan . . .
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May 14, 2016 12:56am
Its not a big deal....
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May 14, 2016 12:56am
I studied accountancy and law from UK and it is ok to open an offshore company to save taxes. This is absolutely legal. Imran Khan did nothing wrong.
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May 14, 2016 12:56am
@Sher Khan Not that I am defending PM?
But I can't ignore your bias comment.
Do you have any prove PM is corrupt?
PM doesn't doesn't have any off shore acct his kids do and they have explain they have go it from their business and they did it for same reason as IK state he has. So please explain how IK is better than Sharrif family.
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May 14, 2016 12:57am
@Fahad - How much have you "evaluated urself" in your earlier life before being judgemental on others? Putting tax paid income offshore has never been illegal. Should change laws first before making generalising statements.
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May 14, 2016 01:06am
Maryam sharif , investigate him and anybody in that situation. Investigate PM first and his families
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May 14, 2016 01:12am
Now the time for the Govt to start an investigation to find out how all of these individuals transfer the money out of the country (through sea of Hundees or banks after paying their fair share tax). That will helpful for the country and it's people, BUT I bet they will never do it.
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May 14, 2016 01:13am
PMLN got a toy to play with and strike back. But the difference between 'stolen' money and the earned money is still there and this doesn't mean their PM is clean! All must be accountable, no one is above law..
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May 14, 2016 01:14am
Khawaja Asif you are right he was denying. It is very simple he currently does not own any offshore company. He owned it a long time ago and he owed it with the money he earned outside Pakistan. Therefore, when IK said he does not on an offshore company then it means he does not. Any problem Khawaja?
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May 14, 2016 01:15am
Imran Khan is a spent cartridge... I hope Reham Khan wins his seat next time.
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May 14, 2016 01:21am
How this guy has the stomach to critisize others while committed the same act , height of hypocracy. Now some one should march toward bani gala.
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May 14, 2016 01:21am
Continue ripping Pakistan public and one day you all will face consequences when common person from the street will revolt against you. You all are grown enough to remember Iran's revolution in 1979. Exactly the same situation where rich supporting the Shah had an upper hand . If that type of time will come on Pakistan then army and airforce will not be able to save you. Correct and control your greed. Respectfully
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May 14, 2016 01:22am
IK owned an offshore company a long time ago to buy a flat in UK with his hard earned money. He does not own it anymore. Therefore, he was right to say that he does not own an offshore company. Nawaz Sharif's children owns many companies and all we are asking from Nawaz Sharif what was the source of his children's wealth to buy these companies and flats in London? IK already told us the source of his income but Nawaz's children have not declared the source of their wealth. Simple as that.
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May 14, 2016 01:24am
I am amazed with IK and PTI supporters, what a hypocrite he is. I mean how come he ask other for accountability if he himself is not clean. Shame on him, and more shame on his followers.
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May 14, 2016 01:24am
@fida USA agreed in totality.
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May 14, 2016 01:30am
Firstly, Imran khan ,not being an accountant used the wrong word 'evade'. He should have said ' Avoid' tax. Secondly, Imrans dealings are via an accountant who was filing tax returns and advising how to minimize tax payments. IK has sold up and brought his monies home. The source of his income is clear and transparent. Mr Nawaz's childrens flats however are clandestine, source of income is dubious, and they were denying it.
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May 14, 2016 01:30am
@Sher Khan How you know IK and Aleem Khan own the company with their own money and PM doen,t . Please don,t make conclusion on basis of your own choice. Speak the truth either blame every body or blame none. Don,t take side. We need to be brave enough to think about Pakistan then Personalities . Everybody must be accountable as PM is. There is no Offshore company and never had offshore company in PM name .
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May 14, 2016 01:33am
I am not sure what's the big deal here. IK tried to avoid British taxes and whatever he did was legal as per British law plus this was his own hard earned money. so I don't understand what's the hoopla? Pakistanis should be happy because he sold the flat and brought the money to Pak.
IK did not steal anything from Pak instead he earned in Britain and brought it to Pak. IK is not the problem, the problem is all those Pakistanis who horded wealth accumulated via illegal means in these offshore companies.
If you can explain where you got your money from and that everything you did was withing the law then there should not be any case, however, if you can't explain where you got your money from or what you did is not permitted by law then we have a problem.
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May 14, 2016 01:38am
Here is a man with high integrity and honesty! A lesson for his dim-witted supporters but then they do not have enough intelligence to understand.
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May 14, 2016 01:46am
IK was an international cricketer. Playing and earning his money across the globe. A tax entity to avoid British taxes on a property bought with his hard earned money (especially if British laws allowed it) was all fair game. If anyone could have an issue with that, it would be the British government. Cameron did it and he is the British PM today!
The issue with Pakistan's PM is in stark contrast. Undeclared assets, money laundering, kickbacks, loan defaults and open lies in public statements and to the ECP!
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May 14, 2016 01:47am
Nawaz Sharif should answer first,he is the PM and he cheated the nation.
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May 14, 2016 01:50am
@Anwar
If PM is cirrupt then who is clean, probably no one.
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May 14, 2016 01:53am
@fida USA Please don't be very sure of that, you may be surprised if you dig deeper.
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May 14, 2016 01:54am
@Atta
Only if you pay taxes on your "hard earned" money does it become legal. Otherwise it is called black money!!
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May 14, 2016 01:56am
Send them all for questioning for lying and evading taxes, subsequently to prison.
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May 14, 2016 01:57am
@yawar The truth came out because he was cornered and the information was available in the public domain....
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May 14, 2016 02:07am
Since IK was having an offshore company for tax evasion purpose therefore all corruption and money laundering justified in Pakistan. What kind of people are we. Look at the comments. Dishonesty is perhaps in our genes.
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May 14, 2016 02:08am
@Strange World , Yep partially explain such companies.
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May 14, 2016 02:09am
If Imran Khan has paid capital gains tax and wealth tax( when he owned this was still effective) in Pakistan it should be non-issue else his doesn't hold any moral position and will disappoint his fans
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May 14, 2016 02:11am
@Sher Khan , Yep Such vehicles are common and that is why British Isle of Man and many similar jurisdictions under British empire (!) have flourished and trillion of pound sterling moved into British economy. Evasion vs Avoidance is the difference!!!
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May 14, 2016 02:23am
Avoiding taxes is the same as Money Laundering while being in power? N Leaguers are throwing crap against the wall and hoping it'd stick!....
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May 14, 2016 02:26am
He himself claims , "Only reason ppl open offshore accts through Panama is to either hide wealth, esp ill-gotten wealth, or to evade tax or both." so there he is, one of them!
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May 14, 2016 02:31am
International investors (individuals or institutions) investing in UK prefer to own UK assets through off shore companies, simply to be tax efficient as they avoid paying taxes such as stamp duty and capital gain tax. This structure is perfectly legal in UK. The issue is not the ownership of offshore companies but the source of money used to purchase assets in UK. IK can prove it easily but Nawaz sharif can't and that is the main issue for Nawaz sharif.
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May 14, 2016 02:32am
So he is one of them then why trying to blame others. He has to tell what his goals are by creating mess in the country.
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May 14, 2016 02:37am
There is nothing wrong to form a offshore company to protect your assets and take advantage of some tax saving as a individual. Imran khan has done nothing wrong and he declared it.
If you hold public office you must declare if you have had off shore firms which our PM trying to hide.
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May 14, 2016 02:55am
What bothers me is why Imran Khan didn't come forward with this information before.
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May 14, 2016 03:00am
Imran Khan purchased a home in London with his own money, earned from playing county cricket there. He paid his due taxes in UK as required by law. He decided to purchase his house using an off shore account, as allowed under the law at the time. When he sold his London house, he moved the money, via a legitimate bank, to Pakistan. WHAT EXACTLY IS THE PROBLEM HERE ? The key word here is "his own money", as oppose to our current "leaders" money which just happens to be the tax payers !!
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May 14, 2016 03:11am
@Mohammad
Are you kidding me yaar? Problem is not offshore companies. Even you can have it. Problem is money acquired illegally. I too wish I would have a kid with extreme business intelligence that can convert his pocket money into millions and fingers that convert everything they touch into gold.
IK earned his money and built his companies, how is that illegal? Would you build a factory in a nation that can't even provide you a full day of electricity ?
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May 14, 2016 03:19am
@Anwar
Even Google evades tax. You are just not aware of legal and illegal means. Now that you know, I bet you would try your best to evade tax legally at any point you can and it still won't be a crime.
Little knowledge is dangerous.
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May 14, 2016 03:23am
I agree with Aitizaz Ahasan's response. And of course as usual Maryam Nawaz hits below the belt. Good for Imran K that he has come out clean by declaring some information from past which is not a hangover over him any more since he disposed off his property and declared openly his intent of what his goal was. Lets see what Nawaz and family can come up with to declare their overseas wealth and its sources which they have tried to hide all along until panama papers exposed them.
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May 14, 2016 03:28am
"I was already paying 35 per cent tax on my income there, so to evade further taxes, I bought the flat through an offshore firm, which was my right as I was not a British citizen," You earned money in Britain and you avoided paying full taxes (no matter how high) using an offshore company. And then you have the audacity to say that you were paying 35% tax on what you had earned as if that was enough. Excuse me, you have to observe the law of the land, the way it is written and implemented. Sounds like Mr. Khan is trying to justify his actions of the past
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May 14, 2016 03:31am
Mirror mirror on the wall who is dirtiest amongst us all
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May 14, 2016 03:32am
He only disclosed when it is news in media other wise he would keep it secret. This shows how honest he is. Why he did not speak before when he started
this drama.
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May 14, 2016 03:34am
His followers should realize now that he is a liar.
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May 14, 2016 03:40am
Imran Khan earned money abroad and put it in an off-shore company, he also bought a flat abroad. l]Later wound up everything and brought the money to Pakistan. Nawaz Sharif robbed Pakistani Tax Payers money, evaded payment of tax in Pakistan and used illegal means to transfer the funds abroad, putting the country into loss. IK didn't do such a thing.
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May 14, 2016 03:41am
The two cases cannot be compared. Mr Khan earned his money in uk. Purchased a flat with that money. Avoided paying extra tax to the uk government. Which was perfectly legal. Then after selling the flat takes money to Pakistan.
While Mr Sharif takes money out of Pakistan, without paying taxes and most probably the money was earned illegally. He is telling people to invest in Pakistan but does not apply the same rule to his family or himself.
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May 14, 2016 03:58am
As long as , IK bought the flat through his earning when he was playing professional cricket and he did not launder money from Pakistan, you can't blame him.
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May 14, 2016 04:02am
I am an Imran supporter, and i feel that this is gonna blow big in PTI's face. Even though I know what he did is not illegal, "I research poeple", but the premise and timing of this disclosure is awful. Imran has no foothold anymore to keep pushing back Nawaz Sharif against the wall. Imran, you gotta do the Rope a Dope, if you know what i mean, to survive now.
May God help us all
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May 14, 2016 04:09am
This is peanuts as compared to NS family, besides the money was earned in England and not transferred from Pakistan.
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May 14, 2016 04:09am
Anyone trying to compare this to the Sharifs properties clearly does not have the intelligence to understand the issues here. No one cares about off shore companies the issue is how did they get that money in the first place.
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May 14, 2016 04:15am
@Salman you are forgetting one thing: IK admitted he formed the company solely to evade paying British taxes! I'm sorry but stealing is stealing, whether in the UK or PakistanN. Main Hamesha Sach Bolon ga :-)
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May 14, 2016 04:21am
He brought legally earned money to Pakistan. He made offshore company to save tax in a foreign country in a legal way, for him and for his country.
Sharif brothers shipped illegally shipped, illegally gotten money outside the country.
Sharif brothers evaded tax in Pakistan and hid money from Pakistan illegally.
Difference is obvious.
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May 14, 2016 04:27am
@Anarchist he did not pay taxes on the money esp the 1000 pct profit in the UK. His co was active till 2011.
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May 14, 2016 04:32am
@ Mohammed - how can you compare Imran khan with corrupt Nawaz Sharif and family. Imran has earned all his earnings legally and paid taxes. He brought that money back home. Imran Khan is innocent and only sincere politician we have got at present.
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May 14, 2016 04:32am
The rich and powerful of the subcontinent are a law unto themselves. It is the poor who must watch them manipulate the system and enjoy at their cost.
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May 14, 2016 05:00am
@Atif Khan - That is right!
You are allowed to manage your tax affairs in a manner to minimize taxes and it is legal. See Westminster - a UK case:
“Every man is entitled if he can to arrange his affairs so that the tax attaching under the appropriate Acts is less than it otherwise would be. If he succeeds in ordering them so as to secure that result, then, however unappreciative the Commissioners of Inland Revenue or his fellow taxpayers may be of his ingenuity, he cannot be compelled to pay an increased tax”
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May 14, 2016 05:06am
@Salman NS family also claim the same. Neither NS family nor IK should be spared
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May 14, 2016 05:19am
Atleast Nawaz himself does not own properties (children own) in panama unlike Imran.
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May 14, 2016 05:33am
I never we thought that the promoter of naya Pakistan will follow such old ways of cheating.
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May 14, 2016 05:35am
@Patriot "There is a difference and he was not a prime minister then"
A cheat is a cheat
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May 14, 2016 05:36am
Morally it it was not good for Imran Khan to avoid due taxes on money earned in Great Britain.
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May 14, 2016 05:38am
IK's case is very different from PM's. PM must tell where he got the money to put in offshore accounts.
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May 14, 2016 05:40am
he earns money in UK buy flat there in 1983 and then sold it in 2003 and transfer the money to Pakistan through bank so what's the big deal
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May 14, 2016 05:41am
I am innocent; others are criminals !!!
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May 14, 2016 05:43am
@East indian not all IK is the only political leader in pakistan who own offshore company which was not declared
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May 14, 2016 05:44am
@Zain Abedin did he took ur tax money he earns there and then invested there so what's the problem and then transfer to Pakistan u illiterate
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May 14, 2016 05:47am
Imran is right
Look I Reside in uk and having Pakistani passport
I don't want to be retired or a resident of uk and don't have any intention to live a retired life here
So as high earner I have to pay tax of 35 which is now 40 here on my earning
So as foreign resident I will have be tax free status and that via ofshore company
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May 14, 2016 05:48am
It is the government who runs the affairs and not the opposition. So government will decide how to carryout investigation. It would, however, be preferable if government and all sitting MPs are investigated first. Opposition MPs involved in the crime are trying to take refuge behind the slogans of PM first. If opposition has any problem about precedence of investigation, it should go to the court.
I, would, however, recommend that the precedence may be set according to the amount involved.
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May 14, 2016 05:51am
@Sher Khan , There is a problem , he never told Pakistani people and the Election Commission about it. And send this Tweet :
Nawaz Shareef is not named in any company , Although this not a proof that he is honest, and he is not. But, on paper, he stands on the better ground . Imran got caught red-handed.
Follow
Imran KhanVerified account
@ImranKhanPTI The only reason ppl open offshore accts through Panama is to either hide wealth, esp ill-gotten wealth, or to evade tax or both.
Now do you see a huge problem ? But you won't.
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May 14, 2016 06:03am
@babar
He did the right thing morally and legally.
He evaded foreign tax in a perfectly legal way and brought that saved money along with the rest of the money to Pakistan. If you have experienced 35% tax paying at two places then you will know.
The others have just done opposite. They shipped money out of the Pakistan , most likely earned illegaly and also avoided taxes.
They wanted to hide that money.
My opinion is that they should be allowed to bring all that money back and tax it properly. But they will never bring it back
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May 14, 2016 06:05am
@Ahmad nawaz does not own any offshore company. His adult kids do.
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May 14, 2016 06:10am
Dual , triple citizenships, offshore company financing, fake degrees, all are charactorship of these politicians.
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May 14, 2016 06:11am
Imran khan should stop pretending to be a saint. Brazenly admitting to do an illegal act of evading British taxes does not justify it. His immoral playboy character is nothing to be proud of either.
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May 14, 2016 06:32am
Biggest disappointment. Who can you trust now?
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May 14, 2016 06:36am
Why not all these rich folks become citizens of Panama ? It is a hipocrisy to try to be the leaders of one nation and harbour their money in some other nation .
If they invest their riches in their own nations they can help in sanitation, health and education of their folks while drawing dividends.
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May 14, 2016 06:50am
@Nadeem Mirza it is a very good move by IK. It is better to declare now than to be found later. Besides forming of off shore company is not illegal if the money deposited is fully accountable.
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May 14, 2016 06:50am
So you wanted to break the law. But why would you travel all the way to the UK to do that? If you don't want to live by British Law then stay where you were.
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May 14, 2016 06:59am
Imran Khan is a SPENT cartridge.
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May 14, 2016 07:07am
I am an overseas Pakistani and I do have a company overseas to business. It is not to evade any tax but to do business with proper insurance. It is not illegal to have companies outside Pakistan but question is how you get the money into these companies.
In case of Imran khan it was the legal income from playing cricket in England.
What was the source of income for Nawaz Sharif's family and how that money was transferred out of Pakistan.
Imran was not in government at any time in past but Nawaz Sharif was PM of Pakistan. Nawaz should come clean of this otherwise there is no trust.
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May 14, 2016 07:09am
@Suchbaath You should know that having a Offshore firm is not illegal, as long as the sources of finances of that firm are legal. Please do understand that, nation wants to know: 1) what was the source of finance of those offshore companies, PM owns.
2) Did he pay tax on that money?
3) Was it earned in Pakistan or outside of Pakistan and
4) did he declare that money as his asset to ECP?
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May 14, 2016 07:11am
@Anarchist -in 1983 IK was a Pakistani citizen but he did not lodge his tax returns in Pakistan in late 90s - he should have shown and paid tax on his overseas income since 1983. Also why should we take IK statement about source of funds used in his offshore company, on face value after being caught red handed - we are not prepared to accept NS family's statements on face value
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May 14, 2016 07:14am
He, so honestly, admitted.
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May 14, 2016 07:25am
Imran Khan has brought back to Pakistan his hard earned money , great international respect, and fame.
I guess people of Pakistan are not accustomed to this kind of Patriotism and loyalty.
Imran's kindness and love for his country is not appreciated .
God give his blessings to Imran and make it a great Pakistan-world needs people like you!
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May 14, 2016 07:25am
I am speechless. What's wrong with our politicians?
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May 14, 2016 07:30am
WOW Imran created offshore company in 1983 when nobody ever heard anything like that even exists 33 years ago !!
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May 14, 2016 07:50am
Holding an offshore company to evade British taxes whilst you are working in England as a high skilled immigrant is not evading Pakistani taxes and is legitimate in England. Holding an offshore company whilst you are earning money in Pakistan to evade Pakistani taxes is however illegitimate - even more so when you are a political family.
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May 14, 2016 07:53am
So it is OK to cheat UK off taxes but a crime to do the same in Pakistan.
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May 14, 2016 08:06am
@Sher Khan How do you know it was his own money and not corrupt. I guess it is assumption . Just as it is an assumption that Nawaz has corrupt money. Nothing is proved so far.
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May 14, 2016 08:07am
Follow Imran Khan leadership and make Pakistan better place to live or follow liars cheaters and live in slavery forever.
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May 14, 2016 08:08am
IK has given lot of relief to NS standing on same side now!
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May 14, 2016 08:15am
If IK forms an offshore company to buy property in UK, that's kosher. But if Nawaz's son does the same, that's the worst crime ever. LOL! IK forgot he formed an offshore company in much the same way as he forgot to appear in the LA court and to report his offshore company in his 1997 and 2002 nomination papers. One thing is for sure - he stands clean bowled!
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May 14, 2016 08:18am
Grow up people. What IK did has no impact on his politics in Pakistan. He is and was a clean/honest man and he still stands the only leader in Pakistan. Don't compare him with dirt bags.
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May 14, 2016 08:36am
@Skeptic After selling off the flat Imran brought the proceeds in Pakistan and the source of income was Britain.
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May 14, 2016 08:39am
If Imran Khan has paid his taxes on his income than his money is completely legal and he is free to purchase any thing he wishes with that money. It is not clear to me why one needs and offshore account if taxes are paid and the money is earned legally. Imran Khan has obviously a lot more to hide. His Family has offshore accounts and many of us wonder how they became so rich in the last 30 years . They have no industry of a business that can prove so much money to go to offshore accounts. Imran is now cot in his own redirect and blame game. In order to point the fingers at others one has to have a clean record one self.
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May 14, 2016 08:41am
hahahahaha, the wise will understand.......
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May 14, 2016 08:42am
Sorry to say majority politicians in Pakistan are money making racketes and hyprocrates, they only care for themself and their families, not for the country and the poor people who voted for them. The army is the only institution who could take accountability of these rouges.
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May 14, 2016 08:43am
IK had an offshore company to evade British taxes, as he was not a British citizen.
His wealth was not illegally earned.
He is now answering all questions to public.
He shouldn't have denied it earlier.
Now, what about NS?
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May 14, 2016 08:44am
@East indian;
'So its confirmed. All political leaders in pakistan owned offshore companies.'
No it is not, Pervez Musharraf did not own any offshore companies. It is not illegal to own offshore companies, it is illegal to not declare it when running for elections in Pakistan.
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May 14, 2016 08:44am
The issue with Panama Leaks and everyone after Nawaz is not that he owns offshore companies but the way he earned that money and transferred that money from Pakistan. If he had clarified it and provided proofs when demanded then he would have come out clean but he is going in circles without saying anything. He opened the companies and funded those and bought properties when he was in the government. No one is asking hi to tell what he did in government college Lahore.
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May 14, 2016 08:48am
@Mohammad;
'What a hypocrisy Imran Khan Forgot? Blame others and forget yourself'
No Imran Khan did not forget, he reported the assets of the company, that is all the Election Commission requires.
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May 14, 2016 08:58am
@Atif Khan Let the court decide about both and others too. There are a large number of people involved.
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May 14, 2016 09:02am
evasion has a negative and criminal intent. minimizing taxes has a positive intent, Imran is stupid to use the term 'evasive' or 'evade'.
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May 14, 2016 09:16am
Nothing better was expected from Nawaz Sharif but it is a disappointment that Imran too had an off shore company the he had hidden from the public so far.
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May 14, 2016 09:19am
Transparency yea right. Imran Khan has only come forward because he found out that his offshore company is about to be revealed. Hahahah . why didn't he tell about this company before when panama papers first became public. Sorry I don't buy your argument and imran khan is guilty till proves himself innocent. Not only he did he evade British taxes he didn't disclose this income in Pakistan and hence avoided paying taxes on it here as well.
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May 14, 2016 09:20am
@Ahmad Correction Nawaz Sharif doesn't own any company his sons do. You cannot hold a man responsible for what his sons do and vice versa.
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May 14, 2016 09:23am
@Skeptic Very well said.
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May 14, 2016 09:23am
@Sher Khan How do you know the offshore companies owned by sons of PM were made through kickbacks and corruption. Do u have proof? How do u know the offshore companies of Aleem Khan, Imran Khan, his sister and so many other PTI stalwarts were not setup through corruption?
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May 14, 2016 09:24am
Let's no forget, he had bought a flat through off shore company. Which he sold and brought money to Pakistan. As of the sharif family they own off shore companies as of today and have taken millions and billions of dollars out is Pakistan. He has the guts to accept but the sharif family is hiding because they are corrupt
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May 14, 2016 09:24am
@Salman How do u know. I think IK is as guilty as the PMs sons.
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May 14, 2016 09:24am
he evaded taxes in UK... and if he become PM ,He will do the same to evade taxes..
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May 14, 2016 09:25am
@Strange World. Very well said.
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May 14, 2016 09:26am
@Anarchist Sorry the company was active till 2015 and date. Imran Khan held MNA seat in 2002 without disclosing his offshore company. Shame and lame excuse
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May 14, 2016 09:25am
Offshore is not a problem, whether you bought that from legal money or via corruption is the question??
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May 14, 2016 09:27am
Question is where this money comes from I Khan has legal money through cricket from where Nawaz get this money to buy flats.
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May 14, 2016 09:29am
@Skeptic You are right and that's why when he was asked by the journalists he admitted having formed offshore company to evade further tax legally on his legally earned money as per his Accontant's advise as he was already paying 35 percent tax to the British government and ultimately he brought the money to his home country by selling his flat which was owned by the offshore company.
On the contrary the corrupt ones formed the offshore companies to hide their black money by money laundering and to evade taxes.
In IK case the money ultimately came to the country but in the latter case the country lost 22 billion dollars.
Just see the difference and then decide it by yourself.
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May 14, 2016 09:36am
Good work Imran. Proud of your honesty.
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May 14, 2016 09:37am
Imran is no saint either. Tax evasion is always a crime. One should never do anything like that whether in his native or any foreign country. Shame on Imran.
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May 14, 2016 09:38am
@Fahad please read patiently, IK is clean here, he also got the money to Pakistan.
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May 14, 2016 09:40am
@Anarchist IK is exceptionally honest in admitting and explanining his source of income which was earned by him legally by playing cricket and then he brought the money to his home country but some poeople don't have commonsense to differentiate between right and wrong. I totally agree with you on this.
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May 14, 2016 09:41am
A smart move by IK. He came out with the truth and let the citizens know. Whether he still owns it is unknown but by this admission he has put NS in a tight corner. Salams
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May 14, 2016 09:42am
@Strange World
You nailed it.
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May 14, 2016 09:43am
Under British Laws Imran has committed an offence for which he can be tried. He has confessed on TV that he sold his property and did not pay UK tax then effectively under the UK law he can be subjected to capital gains tax irrespective of weather he is a UK citizen or not.
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May 14, 2016 09:44am
@sxcvght for the same of argument, "some fault" cannot be compared with "huge consistent, constant and shameless corruption"
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May 14, 2016 09:46am
Imran Khan, had an off shore company to buy his flat in London, during his cricket playing days. All professional athletes in England, footballers or cricketers, do this. They earn and spend their wages in Britain. He has since sold the flat and brought his money back to Pakistan. He was not in politics then, and in no way can this be compared to the shenanigans of the prime minister and his family.
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May 14, 2016 09:52am
@Salman IK earned money offshore - well partially it is right, but who was he working for at that time ? PCB, who paid him in Pakistan, he was playing for PCB.
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May 14, 2016 09:56am
@Anarchist he cheated the British government and people who provided him with services paid for by all tax payers
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May 14, 2016 10:00am
Let IK become the PM and then people can hold him to fire! The case happening now is about corruption at the highest Pak public office levels i.e. by people holding PM, President, Governor, CM, Bureaucratic etc. positions. We are talking about swiping and hiding of public money, which could have been spent on education, health, security etc. That is why some up-right citizens are adamant upon the public offices cleansing as the top priority!
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May 14, 2016 10:03am
I'm is a total hypocrite this is not a baseless accusation (that he used to do to others) let me prove my point: IK had supported Zac Goldsmith being brother in law against Sadiq Khan. For that support he even defended Zac's offshore companies (see Homa Khaleli's article in The Guardian). At the time when Panama were surfaced he said offshore is a crime either by Tax Evasion or by Stolen money; now, just himself used an offshore and didn't speak about it in initial time. Shouldn't he speak that I have an offshore firm at first place?? He used two different faces one for Pakistani AWAM and other for GORA Sb. I hope young and idealistic fans will still believe him with blind eyes without rationale. Rip honesty.
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May 14, 2016 10:09am
@Strange World
Right! But khan sb tweeted:
✔@ImranKhanPTI
Only reason ppl open offshore accts through Panama is to either hide wealth, esp ill-gotten wealth, or to evade tax or both.
8:08 PM - 4 Apr 2016
(So according to his own theory - he became the part of corruption)
ps. All offshore companies are not illegal..
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May 14, 2016 10:10am
Having an off-shore company is not a crime as per Paksitan law. Neither is there any rule against. The main issue is money which is involved. One-those who earned the money in Pakistan and moved it out of the country without paying tax and two; earned money outside and invested outside. IK even sold his flat in London and brought back money to Pakistan. There is no comparison between NS and IK cases.
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May 14, 2016 10:12am
@Skeptic he evaded tax in UK...it is not the question of evasion but of morality..
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May 14, 2016 10:12am
@Fahad It was in 1983 and no offshore company currently under his possession. Also he did it legally for UK and not for Pakistan. When do comparison Plz utilize proper facts and understand. Killing a person/human and killing a fly will not be compared.
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May 14, 2016 10:13am
So raising funds in London is halal but paying tax isn't.....well played sir
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May 14, 2016 10:23am
Its not about honesty.all this time he was quite.now as he fears that his name will come he decided to open up.Why did it take like a month to say the truth.
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May 14, 2016 10:24am
Proud of IK.
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May 14, 2016 10:30am
he has admitted and made it public that how he has done that, now mian sb, follow imran and make your offshore company and its incorporation, public
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May 14, 2016 10:32am
Respect for IK increased, he was a not a politician then when he formed the company. Salute the courageous man for sharing the truth.
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May 14, 2016 10:34am
So in 1983 IK played cricket, earned name for himself (became a legend and most renowned allrounder in the world of cricket). In return made hard earned income & paid tax on that income. From that hard earned income, (that he rightfully deserved), he bought a flat. Eventually he sold that flat and brought the money back.
I don't get what did he do wrong?
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May 14, 2016 10:39am
Well done ...you seem to be scared from leaking
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May 14, 2016 10:42am
atleast IK did not cheat Pakistan...If he did not pay taxes to UK gov. so what?..
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May 14, 2016 10:49am
@Anarchist He lied about his income and evaded taxes.That's a federal crime.
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May 14, 2016 10:53am
@Yasir or may be you dont know as yet as you didnt know till yesterday about his UK offshore?
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May 14, 2016 11:04am
Since IK has admitted to his crime of tax evasion so he should face the force of law. He is Donald Trump of Pakistan.
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May 14, 2016 11:11am
Now public demands that Imran khan should resign from the board of SKMH, chairmanship of PTI, and his MNA seat, until an independent judicial probe investigates his offshore company.
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May 14, 2016 11:13am
Dear Editor,
In this entire news clipping, what was the need to mention a tweet made by Ms. maryum Nawaz. Who is she ? The media is giving undue importance to this woman. She has been playing dirty games since she took over the media cell. Why didnt she have to guts to appear before the and answer about her own lies. How boldy. Blatantly and prompty she made a tweet. I dare her to tweet about her own holdings. If she is so clear why is she so quiet in the subject
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May 14, 2016 11:17am
If he had kept the flat .its worth nearly £2million now!!!
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May 14, 2016 11:28am
@Yasir It means Imran Khan violated the UK rules. He must know the consequences of his admit. He can be tried under UK rules.
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May 14, 2016 11:38am
Imran has explaned. Now it is the turn of you PM and your family.
It can not be any simple as that.
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May 14, 2016 11:41am
Imran Khan said that he had an offshore company for the purpose of evading tax in England and PTI supporters find nothing wrong with this statement ? Some have written that it was his money earned in England. So with your own money you can look for avenues to evade tax ? Definition of Tax evasion in a law dictionary is " Tax evasion is the illegal evasion of taxes by individuals, corporations, and trusts" It is OK to break the LAW in England ?
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May 14, 2016 11:57am
from my personal experience, financial advisors from western countries very often advise to open offshore accounts and investments. Any non-financial background person would tend to trust them not knowing the implications. If this is what IK did before his political career and has even sold it out, how can he be held the same as Nawaz family??
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May 14, 2016 12:09pm
It's worth nearly £ 2 million now!!
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May 14, 2016 12:10pm
The issue is not having an offshore company, the issue is the source of funds.
All legal offshore companies including IK can account for their documented wealth, which children of MNS cannot .
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May 14, 2016 12:12pm
Nawaz Shariff, his daughter, sons and cronies corrupt to the core. They trying to muddle things. As freelancer, or contractor you form a company abroad while working and ofcourse you can buy cars, properties and assets under that company. I am living in UK and I am running my own company and accountants advised people to have offshore companies here is very common. As long as money is earned from legal ways, can be traced then offshore company has no issue. Sharif's money has no trail, we just ask about money trail for assets here nothing else from Sharif's.
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May 14, 2016 12:14pm
Looks like almost everyone is an apologist here in the "comments" section. As it goes, we see what we want to see...
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May 14, 2016 12:23pm
IK looks clean by declaring everything..... IK earned money offshore, invested it offshore, bought a flat offshore ... And then sold everything to bring all his money earned abroad to Pakistan. That is Mr. clean. Can NS follow suit to declare how money was earned and transferred from Pakistan through which bank ???
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May 14, 2016 12:25pm
Even IK did in 80s. What is the problem? What is problem with others as well? We need to move forward. Stop blame politics.
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May 14, 2016 12:26pm
@Skeptic dear why he came after the news came in paper
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May 14, 2016 12:27pm
@Fahad agreed but who will ask him
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May 14, 2016 12:28pm
@Strange World agreed
but why he did not declared it before when it comes in news than only does he come and explain
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May 14, 2016 12:39pm
We need to be objective and rational here, when people living and earning illicit wealth in a poor country like Pakistan, are owning and concealing offshore companies only to save their illegal and exploited wealth, as opposed to a professional Pakistani living in a country like the UK and setting up a legal offshore company whilst BEING resident and legally working there, AND then bringing all its proceeds TRANSPARENTLY to his home country after moving there! How can anyone call both these worlds, two sides of the same coin!
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May 14, 2016 12:44pm
I don't know why the people are trying to compare Imran Khan offshore company with the Children of PM as he declared his source of income but PM's children still failed to declare.
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May 14, 2016 01:02pm
The source of his income was known with which he formed the offshore company to avoid and not evade further taxes. its all legal to have offshore company in UK. But having a dodgy source of income to create an offshore company raises question and requires an investigation which sharif family is avoiding
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May 14, 2016 01:04pm
@Mohammad How the company was financed makes it legal or illegal.
Imran's sources are known and how about mr sharif sources!!!
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May 14, 2016 01:05pm
Any one who evade paying tax is a cheat. Now all the Sharif's, Zardari, Imran Khan fall in the same category.
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May 14, 2016 01:08pm
@Sher Khan
Imran khan used offshore account to evade tax, this makes him a cheat.
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May 14, 2016 01:11pm
@Harmony-1©
He evaded tax, this makes him a dishonest man.
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May 14, 2016 01:14pm
Compared to Nawaz Sharif and his family , IK's financial structure was pretty uncomplicated . How could he not mentioned forming an off-shore pvt to buy his flat. I do not see any corruption involved in his case but situations like these make you politically weak and oppositions exploit such situations to their benefit!
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May 14, 2016 01:20pm
Years ago it was reported in Dawn that about 250 parliament members did not file the tax return. On the subject I asked a Senator for his comment, his response the government take away 10% from his senate salary, therefore there is no reason for him to file his tax return. when I confronted him about his other income, he refuse to answer.
Evasion of taxes is in the blood of almost all Pakistanis. If one is honest in paying taxes than the tax officer will tell you how to evade and in return will demand 50% of the evaded tax money.
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May 14, 2016 01:31pm
Imran khan has earned his money from cricket where as Nawaz and Co has earned money by taking bribe and corruption..
Imran can do anything with his hard earned money so i dont think their should be any issue....
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May 14, 2016 01:34pm
@Yasir yes he cheated Pakistan. He is liable to pay taxes on his offshore income. Plus he has given the entire Pakistani people a bad name.
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May 14, 2016 01:37pm
It is very easy to open an offshore company sitting in UK. I had one to hide my apartment from ex-wife. But I make money the legal and halal way. I didn't steal from the Pakistani public's money and get kickbacks like NS and his family has. Imran got paid for his services (modelling, interviews etc) in his offshore and that's Halal earning.
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May 14, 2016 01:42pm
@shahbaz;
'It means Imran Khan violated the UK rules.'
Not necessarily, just like Pakistan it is not illegal to own an offshore company in UK. David Cameron is in hot water for the same reason as Nawaz Sharif, failure to disclose when he ran for office.
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May 14, 2016 01:45pm
@No name
Not really...tax laws are pretty complex. Unless you have double taxation treaty you can end up with a pretty big whack...but you have highlighted a key point...he had already paid taxes on the money put in to the account...so there is nothing illegal about it at all. Should he have disclosed that he had an offshore company 33 years ago...yes...but not telling is not concealment as the money from that was already disclosed.
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May 14, 2016 01:46pm
@Zubaida khan;
'Nawaz does not own any offshore company. His adult kids do.'
They were not adults 1n 1992 and 1993 when the companies were registered.
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May 14, 2016 01:48pm
@Mohammad
With all due respect...if you have declared the cash that was held in a company created 33 years ago...then simply stating that is where the cash was does not make any difference. Stating that he'd had an offshore company would have been better but it does not change the fact that assets he holds have been declared. If you admit to owning a house whether you then explain that it was a gift is an income tax query but you are certainly not hiding assets or evading tax. Also the term 'evasion' is incorrectly used here this was tax 'avoidance'...which is legal.
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May 14, 2016 01:52pm
@Harmony-1© It is still dishonesty
Are there any honest politicians?
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May 14, 2016 01:53pm
IK did not violate any Pakistani rules whereas Nawaz is accused of doing so.
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May 14, 2016 01:54pm
@Rashid
What's wrong with what he has done? You are just a bandwagon passenger...
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May 14, 2016 01:54pm
@Imran ali
"AVOIDED" not "EVADED"...lord have mercy on you folks...
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May 14, 2016 01:56pm
@shahbaz
No he hasn't...have you studied UK tax?
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May 14, 2016 01:59pm
Going by some of the comments full of derision for IK, it is clear Pakistanis do not deserve an honest government. They simply cannot stomach when some politician does come to disclose his finances and sources of his holdings to remove any doubts about his integrity.
Furthermore, it also indicates how conditioned people are to readily accept corruption at every level of society.
NS continues to play games about the TOR seeking investigation of his offshore investments, and evades questions about sources of his wealth, tax evasion, and possible violation of Pakistan's election laws. And yet, there's no shortage of unblinkered supporters, who rather pounce on IK for being open and transparent, than hold NS to account for allegedly siphoning off Billions of Rupees from Pakistani treasury and amassing it abroad through shell companies, for the benefit of his children and continue to deny or lie about it?
How convoluted is this mindset, is simply shocking!
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May 14, 2016 02:04pm
@shahbaz IK broke no rules in the UK just as Cameron's father did not break any either. This is legalised tax avoidance that even the British themselves make use of. What is wrong is if you have NOT paid taxes on the money earned in Britain and smuggled out of the country into offshore firms. That I am afraid is the case of the Sharif family unless they prove the contrary. IK, even though wrong in not telling the world of his offshore before it was discovered, did no wrong as he had paid his taxes in the UK on his earnings.
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May 14, 2016 02:10pm
@Zain Abedin nobody is defending ik his name is not on the list like ns and he has come forward not denying like ns .public should ask these people how they acquired their wealth .
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May 14, 2016 02:14pm
Ms Maryam should concentrate on her own quandary. We still do not know where her/and brothers' wealth emanated from when they were mere minors. IK declared his cricket earnings, paid taxes in the UK, and legally formed an offshore to buy a flat. Simply said, not the same as her or her brothers' or family's and senator Safdar's case at all.
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May 14, 2016 02:14pm
@Rahi Milla
the only problem is...there is no offshore company...There was but isn't...see the difference? that's why he is not mentioned in the Panama papers and NS family is...
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May 14, 2016 02:27pm
@Anarchist he did not pay tax in UK. Which is illegal as per UK laws. And a person who has done wrong one time may do it again. Atleast evading tax in UK means mr. Khan looses the moral right to question others from the Panama papers.
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May 14, 2016 02:38pm
@Skeptic why did it take him so long to admit .only to be denied by his friend who just forgot it one day before he admitted every one wants to save paying tax
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May 14, 2016 02:38pm
@Yellow Well said, but people do not seem to understand this simple difference. Many multi national companies doing business in the UK are registered as off shore companies and not breaking any law.
It is the source of funds deposited in off shore companies which is the main issue.
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May 14, 2016 02:38pm
"it should start with prime minister and his family," Why not with Zardari, Mr. Aitzaz Ahsan? How can you ignore the palaces in which your party chief lives? Have you never asked yourself where does he get the money to maintain his houses in seven cities? Have you never wondered why he is able to live so lavishly?
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May 14, 2016 02:40pm
@Sher Khan How do you know it was not from corruption?
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May 14, 2016 02:40pm
@ Strange World - nicely put, its beyond doubt Nawaz Shareef has been operating off-shore companies using corruption money, Pakistan tax evasions and other white collar crimes...
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May 14, 2016 02:41pm
@Anarchist Did he declare ownership of the flat to Pakistan's income tax authorities?
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May 14, 2016 02:45pm
@shahbaz He has not broken any UK law. If there is any investigation it would relate to the source of fund in his off shore account. If it is clean money and not being used for illegal purposes, then there is no need for any further investigation.
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May 14, 2016 03:00pm
@Shaukat Ali Khan I second you but could have been better as I am Saint others are criminals.
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May 14, 2016 03:07pm
Owning an offshore company is not an issue, it is more about understanding why our politicians like nawaz sharif have not declared them or dodged questions in relation to the source of funding. Instead all NS family give conflicting views about when how and for whom the properties were bought. NS after all hos time and statements has still not answered quesyions from opposition creating an unquantifoable level of suspicion and incrimination.
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May 14, 2016 03:13pm
If tax evasion in the uk is justified by IK than what's wrong in tax evasion in Pakistan.
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May 14, 2016 03:20pm
@Fahad off shore companies are not illegal if u can prove how funds have been transferred. i am supporter of IK but if he cannot prove then he must be punished. but in case of NS , he is not even willing to answer how the money was sent for these companies. so its very clear who is the guilty party here
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May 14, 2016 03:35pm
@Skeptic: You mean to say Nawaz Sharif & family tried to hide their action, I second you.
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May 14, 2016 03:59pm
All Pakistani politician (not leaders) are equal without wear cloth in panama HAMAM, this is interesting dispute no one ask to politician what is your responsibilities why you were taken vote and power from awam? in sample words we can say to it that deviate attention for basic rights.
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May 14, 2016 04:00pm
The issue here is not having an offshore company. The issue is source of income . If source of income is legitimate then there are now issues. The opposition is clearly doing the usual and trying to avoid answering questions .
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May 14, 2016 04:12pm
Dear IK,
Though we are one of your staunch supporters, but confused now. Owning offshore company was not illegal for u But u kept that from us so far, why did u do that. what are all other surprises.
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May 14, 2016 04:22pm
Imran Khan is honest! It's his own money and not billions looted like other parties. Stop blaming him, public knows whose names came in Panama leaks with billions! Avoiding further foreign taxes when you are not the citizen of the foreign land in perfectly legal. Peanuts of his own money saved compared to the Sharif and Zard looters.
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May 14, 2016 04:34pm
@Fida USA - You need to understand the difference between tax avoidance and tax evasion. In USA many form offshore companies too .
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May 14, 2016 05:00pm
@Umer Salahuddin
How does him saying he owned an offshore make him a liar?
I would certainly call him a liar if someone had asked him if he had ever owned an offshore and he had said no. Sorry, that's not the case here, can't call him a liar!
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May 14, 2016 05:10pm
@Imran ali
Evaded? How so?
He had opened an offshore to AVOID paying taxes as he had already paid the due 35%. If more tax were due on his UK income and he had moved/hidden that money offshore, he would have EVADED tax.
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May 14, 2016 05:12pm
@Imran Why are you confused. Owning off shore companies is not illegal, source of fund is the main issue. Is it clean or tainted money?
I hope you understand the distinction between the two.
Avoiding paying tax while remaining with in the law is not illegal.
Evading tax and breaking taxation laws are illegal and punishable.
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May 14, 2016 05:15pm
@lkhan
You are absolutely right.
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May 14, 2016 05:20pm
@Zulu you are violating the law of the land by avoiding taxes. I have a job in England but am not British but pay full taxes. Even if I earn £5 extra I have to pay tax on that also and am left with only £3.50. Howz that?
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May 14, 2016 05:22pm
@SHAHZ Imran Khan did the right thing. Let there be an enquiry. While IK would be absolved of all charges, Nawaz Sharif & his family will find themselves in hot water.
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May 14, 2016 05:32pm
@No name
To avoid paying other taxes such as stamp duty and capital gains tax.
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May 14, 2016 05:33pm
We need a justice for our nation here we don't care if the owner of the Offshore company is a media group or our prime minister they all have to submit there acids.
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May 14, 2016 05:33pm
@Hanif Akhtar You don't have to pay Pakistani taxes on foreign earnings.
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May 14, 2016 06:09pm
@Bulbul so you just clarified yourself what IK said. He paid tax on his income from playing County cricket. What remained of that income he bought a flat that he sold later.
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May 14, 2016 06:21pm
IK was'nt the PM in 1983 and his source appears to be justified. The sharif family has been in power since 1981. Their source seems shady and unlike IK they are'nt coming forth straight about it. Accountability should cover everyone but it must start from the first family.
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May 14, 2016 06:22pm
@Azi brother I very well know how tax evasion can be legal but never morally correct that is why I am amazed at the tone of your leader. Blind following too can be lethal you see!
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May 14, 2016 06:22pm
When is I.Khan starting anti corruption agitation !
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May 14, 2016 07:45pm
There in nothing wrong with off shore companies as long as people are not using them to hide ill gotten money. Using off shore companies to better arrange ones tax affairs is perfectly legitimate. Full disclosure however must be made.
When we talk about nawaz shariefs we are talking about unaccounted wealth increase that is hidden.
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May 14, 2016 08:05pm
@Fahad maybe you don't understand the diff between avoidance and evasion.
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May 14, 2016 08:08pm
@Safwan
They have misquoted him here... He had formed the company as part of a perfectly legal tax AVOIDANCE structure which is common and is perfectly legal.
Evasion (which PMNS did) is illegal.. Not Avoidance (which IK did legally).
Thanks
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May 14, 2016 08:13pm
@Sajid
Sorry.. He does not hold one..
The company held the property that was sold over 13 years ago. This is a normal structure for most property ownership in the UK by non domiciled people.
Contrast this with what PMNS did.. He took illegally obtained money from Pakistan & owns hindereds of millions of dollars worth of property and doesnt pay taxes.
Thanks
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May 14, 2016 09:09pm
@Hanif Akhtar Pakistan does not have "Global Income" taxing system. Overseas Pakistanis do not pay taxes on their overseas earnings in Pakistan. They pay taxes in the country where they reside. I live in Hong Kong. I pay taxes here, not in Pakistan. And yes, I am still a Citizen of Pakistan.
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May 14, 2016 10:02pm
Well it ultimately boiled down to one thing. Who is the lesser evil of the two. Honestly that is how we r operating and hoping our confidence on those who we choose dont break our heart and act accordingly i.e be lesser evil. Simple.
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May 14, 2016 10:09pm
Having an offshore Shell company in itself is not a crime, most wealthy expats residing in western Europe will have some sort of offshore company. It is perfectly legal & in many cases they are encouraged to have one by their accountants. Simply put, one of the advantages is, when they sell up & leave the country, they are not required to pay tax on the sale of their property because they are not citizens. The explanation which Imran Khan has provided is absolutely sound. If however you happen to be the pm of a country, & you & your family have offshore companies. You need to explain to your public the source of your wealth & why you are keeping your wealth in a foreign land, & in the same breath asking others to invest in Pakistan.
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May 14, 2016 10:31pm
@B Akhtar my naive friend, he himself has admitted he formed the company to avoid paying taxes as he was not a British citizen and he didn't deem it right to pay taxes.
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May 15, 2016 12:40am
This innocent person should know that evading tax in these western countries is a big crime and he is telling it with pride that he opened offshore company to evade tax.
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May 15, 2016 12:44am
Tax shelter (aka Tax avoidance) is perfectly legal as long as the income is declared. And then the taxes are paid on money that is exposed outside of that tax shelter.
The corruption and money laundering also uses off shore companies to hide the money. But mainly they have to do so to hide the money trail altogether so they can evade the taxation entirely. Meaning they pay next to no taxes.
Taxes filed will show the difference.
Also the question of whether the properties were declared with the EC... Your election may be void if you violated the EC rules.
Pakistan legislative, executive and judiciary branches need to come clean and provide a transparent investigation into Panama Papers by appointing a foriegn independent accounting firm to look into the money trail.
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May 15, 2016 01:27am
Question is not about establishing Off-Shore company. Question is about where did you get the money from . Whether it was legal money or illegal money.
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May 15, 2016 02:12am
@Razor 1 Then why don't we investigate starting from Nawaz Sharif as he is the PM.
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May 15, 2016 03:01am
Well I can't understand was there enough money in county cricket those days that a person can establish a company.
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May 15, 2016 04:13am
Why IK ? You were the only hope for us but you are not clean either - It doesn't matter whether you created the offshore company to evade British Tax or Pakistani, intensions were same -
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May 15, 2016 04:18am
@Atif Khan Tax avoidance is ones right ? seriously ! please let me know too how to use my right
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May 15, 2016 04:22am
@Pir not really ! I am British, it okay to have offshore company legally, depends how you are funding it. All the big names here, Starbucks, Google and Amazon all have offshore company and pay tiny tax - which ppl don't like it
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May 15, 2016 07:23am
IK followers seem to be as big hypocrites are their leader himself. Their POV: he brought money INTO Pakistan while Nawaz Sharif took it OUTSIDE so that makes IK's off-shore company good. That is not the argument, people. The argument is that IK opened off-shore company to avoid British tax on property. How can cheating Britain be different from cheating Pakistan? Cheating is cheating. Either IK shouldn't have presented himself as an angel who can do no wrong, or he needs to accept now that he committed a mistake back then. "I Forgot" is not the answer, especially when just a few days ago, he was tweeting about how an offshore company can only be opened for bad intention. And the company was sold a few years after he sold the flat. Why? What did he do through that company in that time? Shady.
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May 15, 2016 07:32am
@Khalid Toronto I agree with you, being a professional you know it that IK didn't do anything illegal or wrong but a common man will not understand it and show his ignorance by criticizing him on this matter. There is no cure for the ignorants unless they learn.
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May 15, 2016 08:13am
All are Tax thieves and of same mentality - loot the nation as much as possible
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May 15, 2016 08:33am
Those who are criticizing IK on admitting his flat owned by the offshore company to avoid or in other words to minimize his taxes, though he wrongly used the word "evade" as he is not a tax professional by himself, should understand that whatever he did was done by him as per his Accountant's professional advice to minimize tax on his legally earned money in a legal way, and therefore, there is nothing wrong in doing so.
Anything which is allowed under the relevant tax laws is legal to avoid or minimize the tax on the income earned legally. Income earned by illegal means is a crime.
Before criticizing and showing ignorance about the Income Tax Laws one should ask the professionals who know and then make your assessment by using some commonsense if possible.
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May 15, 2016 08:42am
@Jamil This is what the ignorant people don't know and will start criticizing issues they don't understand and know about.
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May 15, 2016 09:15am
.
There is a big difference between tax evasion and tax avoidance.
And Imran Khan has avoided taxes under the law, being non citizen of UK, which is not an illegal matter.
Having a offshore company is not an issue at all.
The issue is the money invested through those companies, where it has come from?
The person in control of the highest public office must be honest and transparent with his monetary resources, and it also is applicable for his immediate family.
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May 15, 2016 10:03am
Having an offshore company and doing business is nothing illegal as it is allowed by law in these countries. The real question is where do you earn your wealth from foe which IK seems to have a clear answer but Nawaz and company dont...
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May 15, 2016 10:13am
So why did he not mention this earlier? Only came out because his band was leaked. A lie by omission!
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May 15, 2016 10:15am
No harm done, IK! Remember, Pakistan is suffering from a plague of illiteracy and selfish people who transfer their domestic wealth and earnings overseas by clandestine means. Then come here and LOOT N SCOOT again. Dont do this in your life. Salams
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May 15, 2016 10:55am
Needs to apologise to the whole country for hiding it from all and calling upon all others to be transparent.
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May 15, 2016 10:57am
His money is outside, assets are outside, his children are outside. How is he different from all other corrupt politicians whom he was abusing.
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May 15, 2016 11:25am
Nothing new. Super rich people all over the world hide their money in off shore banks. We poor people have to bust ourselves and pay taxes that are due.
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May 15, 2016 11:47am
So he admits that he cheated the British Govt. of the taxes as a resident of that country. How is that any different than any other tax cheat of Pakistan. This whole controversy is about not paying taxes by conveniently having offshore firms. A thief is a thief. He is trying to be different by simply confessing!!
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May 15, 2016 12:20pm
IK and his party/media guys think what they say, what they explain and give excuses should be taken on face value and no questions to be asked. Because he is Kaptan. Others are not so privileged. For them it seems OK to make offshore Co. to save taxes in UK but not in Pakistan. So it is Ok to do all non sense abroad, financial, social, legal. But in this country of Paks be angel. That is the moral of story PTI is teaching.
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May 15, 2016 12:24pm
@Maqsood Baloch He will never be.
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May 15, 2016 12:47pm
The whole country should know that IK is the biggest looter and tax evader in the history of Pakistan, he is the only one responsible for all that has gone bad in the last many decades and all this has happened without him ever holding a public office, way to go for all out there please join in the celebrations of the opposite camp.
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May 15, 2016 12:50pm
@Fahad , there is a big difference between IK and the other so called leaders making their money, so don't get so excited.
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May 15, 2016 02:04pm
The cases of Imran and Nawaz Sharif are entirely different.
Prime Minister should not hide behind this excuse of Imran having off Shore
Company, which should also be investigated.
Earing in UK with and establishing off Shore Company is different from that
Of an off shore company with no money known money source.
Nawaz Sharif should come clean once and for all. I don’t have any problem
Him being PM, but this should be with moral authority.
About Imran he presently does not hold any government post, but he should
also come clean if wants to hold one in future.
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May 15, 2016 05:51pm
@Anarchist ....did he mention his company while conresting the 2013 elections? That makes him disqualified as he violated the constitution!!!!!!!
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May 15, 2016 06:16pm
@agha mirza Well he did, didn't he?
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May 15, 2016 07:56pm
Is evading British taxes ethical? The correct and truthful answer is "Yes, it is, but how could I know then that I was going to run for the post of the Prime Minister in Pakistan?
This is the truth; let's see if he is honest enough to admit it?
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May 15, 2016 08:38pm
My statement is in free form not directed to an individual or a political party. Honesty and integrity are unique qualities in a leader or in an individual. Without questioning if a person divulge information that is not compatible with a policy or rule of law is considered honest. By these standards no politicians "current or past" measures to these standards in Pakistan. Sorry state of affairs. Isn't it?
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May 15, 2016 09:51pm
So In Reality and by your admission , You are as Corrupt and tax evader as you have been calling Sharifs , Zardaris and God knows who else While portraying yourself to be Mr clean and Mr upright ??? , No matter weather its Islamic republic of Pakistan(where your accused had been evading taxes ) or a non Islamic secular/cum Christian British empire (where you yourself had evaded taxes ) , This if is a crime in your very eyes , Then you are as criminal as the others you have been accusing ever since you ventured into politics . Go away sir , you are finished
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May 15, 2016 10:07pm
Who leaked the panama papers ? The intended target was Putin likely instead the matter is Pakistans biggest headache. This won't end easy .
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May 15, 2016 11:41pm
@Sher Khan : How do you know it was corruption money? Do you have any solid proof? How do you know he and his family were doing nothing in Saudi Arabia during 8 years in exile?
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May 16, 2016 12:53am
@Skeptic Really? He didn't disclose until someone exposed it.
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May 16, 2016 02:54am
People are understandably confused.
It is not illegal to have an offshore company, hence this is not the issue.
The issue is the source of the funds.
In the case of IK, the funds are legitimate and there is an audit trail, records that provide documentary evidence, which can verify the source of these funds.
In the case NS, the source is unclear and, up to till now, dubious, this makes it sinister.
All those trying to malign IK, please under stand the difference before you judge.
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May 16, 2016 10:12am
Question is not about having offshore or not, it is the trail of the money that involves.
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May 16, 2016 11:46am
One has to be careful about schadenfreude
Niazi Services Limited remained operational till October 1, 2015 - Imran Khan’s team also continued to file annual returns till February 2014 and paid a fee for filing returns.
The 2013 nomination papers of Imran Khan show that neither he declared his offshore company in asset statement nor mentioned his investment or capital of the company. The 2013 nomination papers show that Imran Khan declared that he didn’t own any company.
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