KARACHI: Federal Board of Revenue (FBR) Chairperson Nausheen Javed Amjad inaugurated directorate of international tax operations at Pakistan National Shipping Corporation (PNSC) building here on Saturday.
According to the details, the newly inaugurated directorate of international tax operations has mandate to receive and send information from other jurisdictions under spontaneous, automatic and on demand exchange of information under exchange of information agreements.
The Directorate has also been authorized to levy and recover tax by passing an assessment order under section I23 (1A) of Income Tax Ordinance, 2001 in case of undeclared off-shore assets and incomes.
It has also been authorized to receive, transmit and exchange country reports to the jurisdictions that are parties to international by country agreements with Pakistan.
Further the FBR has empowered the Directorate to conduct transfer pricing audit in cases selected for such audit.
