The impression projected by a section of the media regarding a provision of the proposed Companies Bill, 2017, requiring all Pakistanis residing abroad to file the returns of their offshore assets is incorrect and misleading.
It is totally in disregard to the requirements of the said provision, i.e. section 452 of the proposed law. The said provision only requires disclosure by Pakistani nationals whether residing in Pakistan or abroad and either holding substantial shares (10%) in a company registered in Pakistan or holding the position of director or officer in such company to disclose their beneficial ownership in a company incorporated outside Pakistan and not their total assets.
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