*ISLAMABAD – *The Federal Board of Revenue (FBR) is set to get access toinformation about offshore financial accounts of Pakistani nationalsstarting September 1st under the multilateral convention of Organisationfor Economic Cooperation and Development (OECD).

According to a report in *Dawn, *the FBR will commence the process ofobtaining information regarding offshore financial of Pakistani nationalsheld overseas under the OECD agreement signed.

Also, required revisions have already been undertaken in the Protection ofEconomic Reform Act 1992 to monitor foreign currency movement and bring itin line with the Income Tax Ordinance (ITO), 2001.

The changes have also been made in ITO 2001 allowing the FBR to ask aboutthe source of foreign remittance sums exceeding Rs10 million and previousfive-year restriction on investigating foreign assets and income has beenwithdrawn.

As many as $64 million have been remitted to Pakistan under the recentlyconcluded tax amnesty scheme, it has been learnt.

Sources said that $32 million have been repatriated which, have beenconverted into rupees. Similarly $24 million have been repatriated andconverted in bonds and $8 million taxes have been declared on foreignassets.

Overall, 82,443 declarations have been filed in the fourth amnesty schemeof Pakistan Muslim League-Nawaz (PML-N) government in which around $1.9trillion has been declared in foreign and Rs1.47 trillion in domesticassets.

In addition to this, the declarants have paid taxes of around Rs123 billionout of which around Rs46 billion ($375.5 million) have been collected onforeign and Rs77 billion on domestic assets, sources added.