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Government is Asking 10 More Countries to Share Information on Pakistan with Assets Abroad

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Government has sent formal requests to ten more countries under the exchange mechanism of the Organization for Economic Co-operation and Development (OECD).

Government is asking 10 more countries to share information on Pakistan with assets abroad

Government is asking 10 more countries to share information on Pakistan with assets abroad
Government is asking 10 more countries to share information on Pakistan with assets abroad

In addition, the government has separately asked Switzerland to exchange information on Pakistanis who have hidden their assets abroad to avoid taxation.

Revenue Minister Hammad Azhar unveiled it at a press conference.
“We have requested 10 countries for the automatic exchange of information and so far we have received details of about 150,000 bank accounts from 29 jurisdictions under the Treaty of the Organization for Economic Co-operation and Development (OECD),” he told the minister.

“He also requested another Switzerland exchange of information in January (last month) and is willing to share information, but so far has not been in operation,” he added.

The minister state also said the Federal Board of Revenue (FBR) is setting up six corporate committees, they are creating profiles of information received from 150,000 account holders under 29 OECD jurisdictions.

He also revealed that the government has proposed an interim assessment of people who have assets abroad by presenting a reform bill in parliament. The interim evaluation of foreign property owners will prevent any attempt to benefit from the long process of evaluation and asset transfer or money.

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