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FBR special cell to get info of accounts in Switzerland

FBR special cell to get info of accounts in Switzerland

KARACHI: Federal Board of Revenue is planning to exercise powers under Article 25(1) of the Avoidance of Double Taxation Treaty (ADTT) to get information of Pakistanis maintaining accounts in Switzerland, it is learnt.

The sources said that the board was presently considering establishing a special cell in Karachi to invoke the provision of Article 25(1) by seeking the information regarding the bank accounts maintained by Pakistanis in various banks of Switzerland.

They said that information obtained from Switzerland would not only be processed for levying taxes but would also help the department to identify potential taxpayers. The Swiss Parliament had passed a bill which would enable the developing countries, including Pakistan to recover billions of dollars of black money shifted by unscrupulous individuals and companies to Switzerland. After this enactment, it will now be possible to retrieve the tax evaded money from Switzerland, which makes it obligatory upon Switzerland to provide information regarding Pakistanis who are maintaining accounts in Switzerland, the sources said.