Federal Board of Revenue drops bombshell on non tax payers rich elite

Federal Board of Revenue drops bombshell on non tax payers rich elite
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ISLAMABAD: In a new development, the Federal Board of Revenue (FBR) newly installed computer software has attained the capability to detect the automatic exchange of information about tax evaders in Pakistan with the Organisation for Economic Cooperation and Development (OECD).

The Prime Minister’s task force for bringing home the proceeds of corruption and non-taxed income has been told to finalize its recommendations by early September.

“The automatic exchange of information will become operational from September 2018 onward, so it can become a tool for bringing back ill-gotten money from abroad.

FBR spokesman Dr Muhammad Iqbal said the Pakistan Revenue Automation Ltd and the FBR operations team have been assigned to supervise the use of the OECD software programme, so as to ensure secrecy and the smooth automated exchange of information from September 1.

“We cannot commit as to when others will exchange information on automatic basis, as they can start anytime onward from September 2018.

The official said the Pakistani and Swiss authorities signed a revised avoidance of double taxation agreement during the tenure of last government, but it is yet to be ratified by the Swiss Parliament.

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