KARACHI: The Federal Board of Revenue (FBR) is all set to start exchange of information to prevent fiscal crime and tax evasion with the international community from January 1, 2018.
In this connection the revenue body has established five zones in major cities including Karachi, Lahore, Islamabad, Quetta and Multan to utilise information of Pakistanis having deposits in foreign banks for identifying tax evasion.
The FBR Headquarter, Islamabad will be the focal point to send and receive the information from the international community.
The headquarter would liaison with zonal office for receiving non-residents having accounts in local banks and sending information of Pakistanis received from abroad for further action in case of tax evasion or fiscal crime.
The arrangements have been made under the Organisation of Economic Co-operation and Development (OECD) convention. On September 14, 2016 Pakistan became the 104th economy to join the most powerful multilateral instrument against offshore tax evasion and avoidance.
One of the zones for Automatic Exchange of Information (AEOI) has been established at Large Taxpayers Unit (LTU) Karachi, which will have jurisdiction over cases across Sindh.
