National News

Offshore Cos, a legal way to invest money earned abroad, in a foreign country

ISLAMABAD, (APP): Setting up off-shore companies is
a legal way to invest the money, earned abroad, in a foreign
country, Special Assistant to Prime Minister on Law Barrister
Zafarullah Khan said on Thursday.
It was not immoral on any count as was just an investment
activity, he said while talking to a private news channel.
He said that Hussain Nawaz had already explained the
issue and there was noting new in Panama papers.
He said that international law does not term offshore
companies illegal and some institutions establish tax
heaven to attract business and investment. However, such
companies can be termed illegal if unlawful money was
handled, he added.
He said the family of the Prime Minister did explain
that no money was transferred from Pakistan to establish
offshore companies abroad.
“Therefore, things are very clear. The government has
discretionary power to conduct inquiry or not. I don’t
see any major issue in this regard”, he added.
Barrister Zafarullah said that Panama leaks did not
reveal the name of leaders of developed countries.
He appreciated the Prime Minister’s step regarding
formation of a Judicial Commission and hoped that it
would ultimately sort out the issue.