ISLAMABAD: The United Kingdom’s tax authority listed Hasan Nawaz, son of Pakistan’s three-time former Prime Minister Nawaz Sharif, as a “deliberate tax defaulter” this week, imposing a penalty of £5.2 million on unpaid taxes totaling £9.4 million.
According to details, Hasan Nawaz, identified as property developer, failed to pay the amount between April 6, 2015, and April 5, 2016. The list ranks him as the second-highest defaulter.
In the UK, a “deliberate tax defaulter” is an individual or business that has intentionally evaded taxes or made false declarations to underpay their tax liabilities. Under the rules, those who owe more than £25,000 in tax and have received penalties for deliberate default can have their names published on the list of deliberate tax defaulters.
“Amounts in the list relate to the tax/duty on which penalties are based and the penalties charged, where the penalty meets the criteria for publishing under the Publishing Details of Deliberate Defaulters legislation,” His Majesty’s Revenue and Customs, responsible for enforcing tax laws, inscribed at the outset of the document. “The list does not necessarily represent the full default of the taxpayer.”
Nawaz Sharif and his family have long faced corruption allegations, including the Panama Papers case, which led to his disqualification as prime minister in 2017. While he has denied such charges against him in the past, the revelation that his son has defaulted on millions in UK taxes revives concerns about financial impropriety and hidden wealth.
In 2024, Hasan Nawaz was declared bankrupt by the High Court of Justice in London following a petition filed by HMRC over unpaid liabilities.
HMRC regularly publishes a list of tax defaulters, updating it quarterly to include individuals and businesses penalized for deliberate tax defaults.
UK lists former Pakistan PM’s son as ‘deliberate tax defaulter’ over £9.4 million unpaid dues
https://arab.news/z4nm2
UK lists former Pakistan PM’s son as ‘deliberate tax defaulter’ over £9.4 million unpaid dues
- Hasan Nawaz, identified as property developer, has been fined £5.2 million over unpaid taxes
- He was previously declared bankrupt by the High Court of Justice in London in a 2024 case
Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects
- Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
- Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight
ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.
The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.
“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement.
“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”
Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.
Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.
Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said.
Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.
Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.
Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.
In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.
