ISLAMABAD: Federal Board of Revenue (FBR) has issued a list of at least 88 countries, according to which, Pakistan can automatically swap financial information of their citizens.
The country will exchange financial information with at least 88 countries from the next fiscal year under an agreement with the Organisation for Economic Cooperation and Development (OECD) to curb tax evasion and avoidance.
FBR issued the list of OECD member countries for the purpose of automatic exchange of information to prevent tax crimes.
The countries include Switzerland, which is infamous for parking in its banks and other avenues illegal money of Pakistanis. The list, however, does not contain the territories, like United Arab Emirates and Panama, which are presently under discussions for potential tax evasion by Pakistanis. Yet, FBR said the list is provisional and will be updated when required.
The FBR also issued letters to the State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan to intimate banks and other financial institutions to provide information of accounts related to residents and companies of 88 enlisted nations.
