The Federal Revenue Council (FBR) has revised double tax evasion between Pakistan and Switzerland, which will allow both parties (information exchange) to access bank / financial information notice.
According to media reports, FBR issued a regulatory regulation SRO 187 (I) / 2019 on Monday. Updated on avoidance of double taxation between Pakistan and Switzerland Convention contains 25 modified (information exchange) articles with more detailed access to financial information between the two countries’ procedure.
Pakistan can now get Swiss Bank Account Information from Switzerland
In the light of Article 25, the exchange of information shall apply to information on facts relating to any fiscal year beginning on or after the first day of January of the year following the date of signature of the Convention, he added.
According to the revised notice issued by the FBR, in no case explained that the terms of the agreement allow a Contracting State to provide information merely because the information held by a bank, other financial institution, nominee or person rejects that on an agency or a fiduciary capacity or because it relates to the interests of a person’s property.
The terms of such notice will enter into force on 29 November 2018 and will be in force in Pakistan for any fiscal year beginning on or after 1 July of the calendar year.
Recently, the State Revenue Minister Muhammad Hammad Azhar said the government was seeking data from foreign bank accounts Pakistani 10 foreign tax jurisdictions more, including Switzerland, under the agreement of the Organization for Economic Co-operation and Development (OECD).
The Swiss government cooperates with the Pakistani tax authorities and the Federal Revenue Council (FBR for short) has already ratified the convention to avoid double taxation between the two countries, he said.
Hammad said: “We have applied to another 10 countries to obtain an automatic exchange of information so far. We received details of about 150,000 bank accounts from 29 jurisdictions under the Organization for Economic Co-operation and Development Organization (OECD) “We also made a further request to Switzerland to share the exchange of information in January (last month) and are willing to share data, but so far it has not yet been operationalized.”
The exchange of information will only be requested as soon as the status of the request contract is exhausted from all the regular sources of information available under the internal tax procedure.
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