ISLAMABAD: Federal Board of Revenue (FBR) has decided to appoint focal person for tax heaven countries pertaining to customs-related mutual cooperation and data sharing, it is learnt here.
According to official sources, the board has already established a high-level cell to monitor the implementations of action plan suggested by Financial Action Task Force (FATF) under the supervision of FBR Chairman Jahanzeb Khan which will also continue dialogue on the agreement on data sharing and mutual cooperation on tax-related issues with these 11 tax heaven countries; however, the board will now appoint a focal persons.
Sources further told that FBR has the authority to deal and sign agreement with other countries for customs to customs data sharing while it was also a suggestion under the action plan by the FATF.
For the implementation of FATF’s action plan, a letter was sent to customs department on 18, July 2018 assigning it the task and targets. The letter was included the targets with recommended actions, sources confirmed.
Sources said that the customs department almost implemented all the points suggested in FATF’s action plan; however, for the remaining points to be implemented, the department has expedited the working.
