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ISLAMABAD: Prime Minster Nawaz Sharif paid personal tax amounting to Rs35.9 million over a period of 23 years, starting from 1993-2016.
The details were released by the National Assembly Secretariat today, following the premier's submission of his personal and business tax details yesterday to the speaker of the house.
The premier paid tax amounting to Rs10.4 million from 1993 to 2007, the year he returned from his exile. During the 14 year period, Nawaz was in exile for seven years, starting in 2000.
Tax records for the years of 2007-2009 are missing in the details provided. The premier resumed paying taxes during fiscal year 2009-2010, during which he paid Rs2.7 million in tax.
For the current fiscal year, the prime minister has paid tax amounting to Rs2.5 million.
Taxes paid by Sharif Group
The Sharif Group paid taxes amounting to Rs9.8 billion from October 1993 to April 2016.
Chaudhry Sugar Mills Ltd and Ramzan Sugar Mills Ltd paid taxes amounting to Rs5 billion and Rs4 billion respectively, during the period mentioned.
On Monday, during Nawaz's much awaited National Assembly address, he spoke about the history of his family businesses, arguing that his father had left him enough money to buy properties in London.
His address to a packed lower house, however, did not impress the opposition, which walked out in unison, instead of responding to the prime minister’s claim that his family had made its businesses profitable, even under adverse circumstances.
The PM presented documentary evidence of taxes worth Rs10 billion, which his family had paid over the past 23 years, and details of the sale of two steel mills; one in the UAE which was sold in 1980 for 33.37 million dirhams, and another in Saudi Arabia, whose sale netted his family $17m in 2005.
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Comments (48) Closed
May 17, 2016 01:36pm
When NS and family was busy paying taxes... Some were busy creating sophisticated system offshore to evade taxes...
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May 17, 2016 01:43pm
Why bother mentioning corporation/sales tax? It can confuse masses as that's what they have been saying on TV for the last few years that they pay this much corporation and sales tax. That has nothing to do with personal income tax.
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May 17, 2016 02:02pm
Let us start like in the US, a world tax return as the only single option. Even if I send a single Dollar in to the bank account of my sister settled in the US for decades, she will have to pay 40 cents to the US Government as tax. And failure to do so would land her in serious tax-troubles.
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May 17, 2016 02:04pm
Kindly compare the same with Zardari and allies who are today's IK's best friends.
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May 17, 2016 02:05pm
The PM is doing what all rich people in Pakistan do, hide their assets by having them in their wives and children's names, declare losses in their businesses and avoid taxes or declare their income as agriculture income and not pay any taxes at all.
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May 17, 2016 02:07pm
Taxes paid seems much less than what he actually owns.
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May 17, 2016 02:09pm
But how much money and property he made in this period? That is the question he is not answering.
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May 17, 2016 02:14pm
Consumers pay sales tax. Businesses only collect sales taxes and hands over to the government.
NS has included sales tax as taxes paid by its business to come to an inflated total figure which is both wrong and misleading.
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May 17, 2016 02:14pm
Not enough Mian sb. My line manager at office pays an annual tax of 2 million annually on his salary and he lives a middle class life. Your living does not go in line with these tax returns.
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May 17, 2016 02:19pm
That is merely Rs1.5 million per year for a billionaire and does not explain how his dependent children managed to get multi-million pounds worth properties in Park Lane when in early years tax paid was negligible.
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May 17, 2016 02:25pm
Thanks to inform us, I want to clear that sentence "The Sharif Group paid taxes amounting to Rs9.8 billion from October 1993 to April 2016." Its sales tax not income tax. And sales tax always paid by the customer or end user of any product by Sharif group or else.
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May 17, 2016 02:39pm
If we assume the income tax rate is 35% in Pakistan than reverse calculation shows that his monthly income is around 480,000 to 500,000 rupees. I am not sure whether it is equal to the salary of grade 22 officer in Pakistan or not? According to a reliable source the salary of the president of Pakistan was Rs.80,000 in 2012. As per his earlier iteration he holds no business in either Pakistan or London than what is the source of his extra income??Agri income can't be considered his personal income because it shows he paid agricultural tax separate to his personal income.
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May 17, 2016 02:47pm
Minuscule income tax paid given his assets & not commensurate with his life style.
Sales & other taxes that Sharif Group paid is actually paid by consumers.
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May 17, 2016 02:57pm
And how much IK paid during this time? 2 lakh per year. IK is saying that he took all his investment back to Pakistan whose rough estimate is $10 Million. IK is paying 2 lakh on $10 Million. IK also needs to be investigated.
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May 17, 2016 03:07pm
Let us hope that this is a turning point in the corruption history of Pakistan. If the Prime minister comes clean about his amassed wealth then inshallah enforced accountability will spread throughout the political spectrum and Pakistan will change for the better.
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May 17, 2016 03:18pm
It matters not what amount of tax the Sharifs have paid over quarter of a century, what is important that he reveals the source of the amount stashed away in the Panama post box companies before it is published in the European media which is reported to have this information.
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May 17, 2016 03:20pm
"The PM presented documentary evidence of taxes worth Rs10 billion",Is that Income tax only or sales tax, excise and other taxes which become the part of product price and ultimately paid by consumers
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May 17, 2016 03:23pm
This doesn't match with the earlier FBR records. Where is the banking proof of these transactions? I can create an excel sheet and claim PM paid all this. That paper is worth nothing if it is not backed by proper banking transactions.
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May 17, 2016 03:38pm
Still people wouldn't understand this logic , they like more roads and flyovers.
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May 17, 2016 03:41pm
3,5 crores in tax paid over a period of a quarter century. Simply ridiculous.
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May 17, 2016 03:49pm
@Gramscian People are being mis-guided. Sales Tax (charged from the consumers) is being aggregated with income tax to make it look attractive. Then taxes are being clubbed together for many years to make them look very good.
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May 17, 2016 03:50pm
I'm not a Billionaire by any means, have no factories, or flats in London or anywhere outside Pakistan. My net worth is a mere fraction of NS. Yet I'm certain I paid more tax in those 23 years, than NS did.
NS's net worth is estimated at $2 billion, or in excess of 200 Billion Rupees. And yet he only paid Rs. 359 million in taxes?? I'm certain this $2 billion didn't all come from steel mills.
Tax Evasion and Theft written all over it. Or this story has more holes than Swiss cheese!
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May 17, 2016 04:02pm
The trips PM has taken abroad does not match the tax he has paid in all those years.
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May 17, 2016 04:03pm
Means 1.4 million tax per year. That equates to an annual income of 7 million. His suiting so per year costs far more than 10 million. This has proven that Nawaz is stealing and evading taxes for 23 years!!!
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May 17, 2016 04:11pm
Sales Tax and Federal Excise Duty are indirect taxes which are collected and deposited into the treasury by industries; they are actually paid by the final consumer and are not to be attributed to the industries.
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May 17, 2016 04:17pm
One can only laugh on our PM's personal tax figures.
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May 17, 2016 05:15pm
Is this a sale tax or income tax? The former is collected from consumers and the later is collected from industrialist.
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May 17, 2016 05:30pm
@Sixer From Chakwal Why don't you compare it with an employee of government who pays more taxes than your NS.
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May 17, 2016 05:44pm
He is responsible for the sorry state of Health and Education and dwindling Justice systems across public sector and love announcing Pipelines and roads!!!!!!!!!!!!!!!!!!!!
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May 17, 2016 05:49pm
I voted for PML-N in 2013 and I regret every second of the day for voting PML-N!!!!!!!!!!!!
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May 17, 2016 06:08pm
This tax amount is nothing comparing their wealth. Similar Tax value paid by Asad Umar (Salary Man)
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May 17, 2016 06:10pm
@M.Saeed Not true.
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May 17, 2016 06:11pm
CORRECTION: Truth is missing from his tax papers, let alone 2007_ 2009 tax papers.
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May 17, 2016 06:13pm
it seems that the presented "list" has been made by some lower rank clerk who does not even know how to use excel properly. How can an official FBR document merely states the tax paid between 1993-1999 and mentions "before exile"
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May 17, 2016 07:01pm
Don't make us fool. Give us the trail of money transferred to England for the establishment of OFF-SHORE companies.
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May 17, 2016 07:05pm
According to a report aired on Al Jazeera TV this morning, worldwide corruption sees at least 5% of entire world's GDP lost due to money stolen from various countries.
It therefore translates, in the case of Pakistan, with annual GDP of $250 Billion, at least $12.5 billion ends up in the personal accounts of public officials, government ministers who facilitate contracts, handling foreign aid, grants and loans.
$12.5billion = Rs.730,000 for each man, woman and child in the country, each year!
Stolen from people, most of whom will probably not even earn this much in their entire lifetimes.
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May 17, 2016 07:15pm
@FB Plz dont confuse people.
W/o corporate you cant know if he is paying taxes for his businesses as well or not.
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May 17, 2016 08:23pm
@Ahmed USA You need to be corrected- When NS was evading taxes other were avoiding taxes which is legal. The question which remain unanswered is the source of funds in both cases..
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May 17, 2016 08:51pm
The whole team of NS including Dar are confused. The amount made public is ridiculously low and unbelievable from a person of Nawaz stature. Assuming the average rate he paid was 15%, his income equate to 235m whereas his flats alone are worth more than 3 billion based upon average rate of £1=90 rupees. Even if NS had taken mortgage of 80% then his personal cash outlay excluding legal and other charges would have been more than 600m.
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May 17, 2016 08:59pm
Just over 1.5 million per year. He is kidding us.
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May 17, 2016 09:30pm
Here is my problem with all of this mess, why in the world are people just now asking all these questions? why did we not question his taxes every year? Its no secret how much he is worth, how much Zardari is worth,how much Imran Khan is worth,none of this is breaking news, everyone knows how the rich shelter their money, hide their money,live like kings and on paper, earn and pay taxes like a regular joe.
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May 17, 2016 10:13pm
Somebody also tell me how was 530 kanals of Imran Khan's land in Mian Chunoo worth Rs50 thousand in 2002. I am ready to pay double the price after adjusting for inflation
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May 17, 2016 11:00pm
Living in the US I pay more per year than what Nawaz paid in his lifetime and I'm not rich either. I've been living on pay check to pay check for years. Can Nawaz show me how he got where he is by paying so little tax.
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May 17, 2016 11:05pm
Pti will never believe this
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May 17, 2016 11:36pm
Payment of Rs 35.9 M in of the assets, PM has paid in 23 years. This show dishonesty on part of PM, as it is ot even 1% of taxes on his actual assets in and outside of Pakistan. When PM is going to pay the unpaid taxes ?s
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May 18, 2016 12:28am
Middle class families have paid more taxes then this dollar billionare family who have been robbing the country blind ever since they were catapulted into mainstream politics by the Zia regime over three decades ago
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May 18, 2016 12:45am
Lets do the math, if he paid 35.9 million in 23 years, means he paid around Rs 1.5 million per year approximately. His income should be around Rs 5 million per year if he pays 35% as tax. with an income of Rs 5 million which is equal to 50000 pounds if 1Rs=100 pounds. How come he bought so many properties worth millions of pounds with that income. Don't tell me he was saving every year to buy millions of dollars worth of properties in england/Duabai and also establishing new factories around the globe and running his luxurious households and living style.
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May 18, 2016 02:41am
Billionaire Nawaz Sharif paying as much as a middle class american earning $70,000 per year. There is nothing to investigate NS is corrupt and should be put in jail and the keys thrown away.
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