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FBR collects information from China, India; Panama, UAE not on list

FBR collects information from China, India; Panama, UAE not on list

ISLAMABAD: Federal Board of Revenue (FBR) has set up units for exchange of information under OECD convention, which was signed by Pakistan in September 2016. The FBR also issued list of 88 jurisdictions that will be used for exchange of information from September 01, 2018.

On September 14, 2016 Pakistan signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and became the 104th jurisdiction to join the Convention.

The Convention is the most powerful instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers’ rights.

As per the list Pakistan could able to receive information of its nationals from India and China but it will not able to receive information from Panama and United Arab Emirates (UAE), as both the jurisdictions are not in the list. The FBR issued provisional list of participating jurisdictions for automatic exchange of information: