LAHORE -  The Joint Investigation Team, in its final report submitted to the Supreme Court, has observed that limited tax record of Finance Minister lshaq Dar is available with FBR, as his Income Tax returns are missing from 1981/82 till 1985/86, not filing tax returns for a period of almost 20 years.

According to the report, in his wealth statement in 2008/09 an increase of 91 times was seen in his assets from Rs 9.11 million to Rs 831.70 million.

His exorbitant leap in his assets is not clarified or supported through any plausible financial documents.

“Mr. Ishaq Dar did not file Income Tax returns from 1981/82 to 2001/02. Being an expert in economics and part of ruling elite is, prima facie, tantamount to tax evasion,” claimed the JIT report.

The report said that an exorbitant increase in his assets has been observed since year 2008/09 for which source of funds/income and details were not furnished despite repeated requests.

Analysis of financial details of his assets and record of FBR reflects dichotomies on mis-declaration of assets, which is tantamount to hiding of assets and tax evasion.

The report observed that his wealth statements were not provided by FBR from assessment year 1994/95 till 2001/02 and tax year 2002/03 till 2007/08 despite repeated requests.

In order to ascertain the true picture of assets held, Return of Personal Assets (ROPA) was retrieved from Election Commission of Pakistan, the report added.

According to the report, in his wealth statement in 2008/09 an increase of 91 times in his assets was seen from Rs 9.11 million to Rs 831.70 million.

This exorbitant leap in his assets is not clarified or supported through any plausible financial documents.

In ROPA of year 2005, Ishaq Dar reported investment of GPB 5.5 million in BARAQ Holdings Limited (investment with Shaikh Nahayan,).

In 2008, out of the same investment, he extended loan of GBP 4.9 million to his son. Source of GBP 5.5 million was not declared. Prime facie, this capital became the source to build his empire in Dubai as well as his assets in Pakistan.

From 2006 till 2016, the Finance Minister received remittances from UAE worth Rs 627 million (source ROPA), which included repayment of loan and gifts from his son. These remittances became prime source of assets build up and increase in his income from mere Rs 0.7 million in 2009 to Rs 46 million in 2015-16. These gifts and foreign remittances are tax exempted.

Report states that wealth statements from 2009/10 till 20 15/16 reveals donation of Rs 169.276 million to various charities with major chunk to his own Hajveri Trust and Hajveri Foundation (Rs 86.18 million).

“Respondent No. 10 (Ishaq Dar) invested GBP 5.5 million in BARAQ holdings in UAE. Source of these funds was not disclosed by him despite repeated requests. Out of these funds, GPB 4.97 million were given by him to his son.

After year 2008, he started receiving funds and payment of loans from his son which became a source for his assets build up in Pakistan.”

According to report, Ishaq Dar gave substantial amount of funds (Rs 169.27 million) in charity.

Major chunk of charity was given to his own organisation and keeping the funds within his own access.

These donations were mentioned in his personal expenses in his wealth statements. Thus, availing tax exemption on these hefty amounts is, prima facie, tantamount to tax evasion.

Financial analysis of Respondent’s No. 10 assets and his available record of FBR reflects that Ishaq Dar possesses, prima facie, assets disproportionate and beyond known sources of means, the report concluded.