ISLAMABAD: The Federal Board of Revenue (FBR) will update the Senate Standing Committee on Finance and Revenue about the current status of Pakistan’s members of the Organization for Economic Co-Operation and Development (OECD).
After becoming member, Pakistan will have access to tax evaders in almost 34 members of the international organization. Furthermore, it will enhance FBR’s revenue collection efficiency as well as empower the board to carry out operation against tax evaders in member countries.
The OECD, an international organization, is to promote policies that will improve economic and social well-being of the people around the world.
Representatives of the 34- OECD member countries meet in specialised committees to advance ideas and review progress in specific policy areas, such as tax, economics, trade, science, employment, education or financial markets.
According to Member Strategic Planning, Reforms and Statistics Dr. Muhammad Iqbal, FBR is the focal institution on this issue therefore it will inform the committee about the updated status of Pakistani application for the membership of the OECD.
Talking to Customs Today, Dr. Iqbal said that the OECD provided a forum in which governments could work together to share experiences and seek solutions to common problems.
Moreover, organization works with governments to understand economic, social drives and environmental change, measure productivity and global flows of trade and investment as well as in setting international standards on a wide range of things, from agriculture and tax to the safety of chemicals.
He said that Pakistan joined the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes in 2012. This move enabled Pakistan to participate in the peer review process which encourages all countries to adopt effective exchange of information in tax matters.
Moreover, it added Pakistan among the jurisdictions of those countries which were directly involved in the international effort to make tax systems worldwide transparent and fair to all, and I look forward to strengthening our mutual cooperation.
He said that the Global Forum aimed to ensure that all jurisdictions adhere to the same high standard of international cooperation in tax matters and Governments come together to fight and prevent tax evasion.
Dr. Iqbal said that OECD held a successful review the Pakistani application and second review would be held in near future. He was optimistic for winning the OECD membership successfully.
