A study by Center for Investigative Reporting in Pakistan (CIRP) identified 461 members in national and provincial assemblies who did not pay income taxes in 2015. This figure includes ministers and other prominent political leaders. Federal Board of Revenue found that many of the 550 lawmakers (54%) falsely claimed they paid taxes.
Switzerland-based World Economic Forum estimates that Pakistan loses over $10 billion in tax revenue every year. The country's lost tax revenue puts it at number 8 among the top 10 countries with biggest tax losses.
The Panama list included showbiz and sports celebrities, lawyers, entrepreneurs, businessmen, generals, journalists and other occupations but it was heavily dominated by politicians.
The multi-trillion dollar massive net outflow of money from the poor to the rich countries has been documented by the US-based Global Financial Integrity (GFI). This flow of capital has been described as "aid in reverse". It has made big headlines in Pakistan and elsewhere since the release of the Panama Papers and the Paradise Leaks which revealed true owners of offshore assets held by anonymous shell companies. Bloomberg has reported that Pakistanis alone own as much as $150 billion worth of undeclared assets offshore.
Pakistani politicians' response to evidence of financial corruption and money laundering has been essentially to distract attention and to cover up. While ex Prime Minister Nawaz Sharif and his party are spinning conspiracy theories to distract attention from their misdeeds, the Pakistani parliament is passing laws to reduce transparency and increase opacity by eliminating financial and other disclosure requirements as part of election process.
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