Asim Bajwa’s case looks like an under-declaration of assets. Not saying it’s right, but this is a common practice among a lot of people here in Pakistan. Theyd even split the transaction into two parts ie official and unofficial (official payment being made thru Bank while 1/n

Unofficial being made through cash. So the declared value of your asset is shown by the amount paid through the banking channel ie traceable. Cash payments cannot be traced so easily. Moreover, the tax paid on these transactions will only be calculated on the official amount 2/n

Eg a property valued at 10 million with a 30-70 official:unofficial split will have CGT, CVT etc calculated on the 30% official value.

So doing the same with the land cruiser means he “evades” a good amount of GST and WHT on vehicle purchase. Another possibility 3/n

is that he is authorized to import a vehicle duty free. This one time perk is normally offered to services chiefs on their retirements as well as some senior ranking government officials. It could very much be a one time duty free import authorized by the government. 4/n

Coming back to the misdeclaration of assets, it’s normally done for two reasons:
1. As already mentioned, save transaction cost
2. Possibility of avoiding extra taxes IF for some reason government decides to impose wealth tax ie having to pay a sum on your declared worth 5/5