France probes 560 individuals named in Panama Leaks

Haider Ali 11:58 AM | 18 Nov, 2016
France probes 560 individuals named in Panama Leaks
PARIS - The French authorities have started probe into 560 individuals over tax avoidance based on information revealed in the leaked Panama Papers, it has been learnt.

Among many others, the French taxpayers are also suspected of having money stashed away through shell corporations in offshore tax havens such as the Bahamas and British Virgin Islands.

'Probe has begun on 560 taxpayers', a finance ministry spokeswoman confirmed. A source privy to the developments said the probes could take several months to complete.

The taxpayers who used Mossack Fonseca’s services had hidden away 4 billion euros ($4.3 billion) in assets for which the French government is due to recuperate 1.2 billion euros in unpaid taxes and fines, according to Minister of Budget, Christian Eckert.

Another 724 taxpayers had also used the Panamanian firm for concealing assets but were already known to French tax authorities, who in 2013 created a service (STDR) to give those holding undeclared offshore accounts the chance to whiten their money.

By mid-September the STDR had received overall 47,000 requests from taxpayers to normalise their situation. It related to 28.8 billion euros of assets for which 6.3 billion euros of unpaid taxes and fines have been recovered.

France is not the first country to publish the number of tax probes it has launched into entities linked to the Panama Papers.

In September, Denmark also confirmed it was working on 320 cases implicating 500-600 taxpayers.

The Papers, which were published at the initiative of the International Consortium of Investigative Journalists (ICIJ), showed how some wealthy individuals, public officials and even sports stars had been keeping assets in offshore accounts to avoid tax.

The Supreme Court in Pakistan is also currently hearing a slew of petitions seeking a probe into off-shore holdings linked to ruling family named in Panama papers truce.


Haider Ali

The writer is a civil servant.


Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 21, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 21, 2023 (Tuesday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.15 286.15
Euro EUR 298.5 301.5
UK Pound Sterling GBP 340.5 344
U.A.E Dirham AED 77.25 78
Saudi Riyal SAR 75.2 76
Australian Dollar AUD 187 189.4
Bahrain Dinar BHD 749.54 757.54
Canadian Dollar CAD 207.5 209.5
China Yuan CNY 40.91 41.31
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.9 36.25
Indian Rupee INR 3.41 3.52
Japanese Yen JPY 2.06 2.11
Kuwaiti Dinar KWD 916.88 925.88
Malaysian Ringgit MYR 62.85 63.45
New Zealand Dollar NZD 176.66 178.6
Norwegians Krone NOK 26.33 26.63
Omani Riyal OMR 732.14 740.14
Qatari Riyal ‎QAR 77.42 78.12
Singapore Dollar SGD 207.5 209.5
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 305.25 307.78
Thai Bhat THB 8.26 8.41

Today's gold rates in Pakistan – 21 March 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 204,700 on Tuesday.The price of 10 grams of 24k gold was recorded at Rs175,500.  

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,849.  

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 204,700 PKR 2,390
Karachi PKR 204,700 PKR 2,390
Islamabad PKR 204,700 PKR 2,390
Peshawar PKR 204,700 PKR 2,390
Quetta PKR 204,700 PKR 2,390
Sialkot PKR 204,700 PKR 2,390
Attock PKR 204,700 PKR 2,390
Gujranwala PKR 204,700 PKR 2,390
Jehlum PKR 204,700 PKR 2,390
Multan PKR 204,700 PKR 2,390
Bahawalpur PKR 204,700 PKR 2,390
Gujrat PKR 204,700 PKR 2,390
Nawabshah PKR 204,700 PKR 2,390
Chakwal PKR 204,700 PKR 2,390
Hyderabad PKR 204,700 PKR 2,390
Nowshehra PKR 204,700 PKR 2,390
Sargodha PKR 204,700 PKR 2,390
Faisalabad PKR 204,700 PKR 2,390
Mirpur PKR 204,700 PKR 2,390


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