ISLAMABAD: The Federal Board of Revenue (FBR) has told the task force constituted by Prime Minister Imran Khan to repatriate laundered money and non-taxed income that newly installed computer software would ensure the automatic exchange of information about tax evaders with the Organisation for Economic Cooperation and Development (OECD) from September 1.
FBR spokesman Dr Muhammad Iqbal said that the automatic exchange of information will become operational from September 1, 2018, which would help bring back ill-gotten money from abroad. He said the Pakistan Revenue Automation Ltd and the FBR operations team have been assigned to supervise the use of the OECD software programme, so as to ensure secrecy and the smooth automated exchange of information from September 1.
The official said the Pakistani and Swiss authorities signed a revised avoidance of double taxation agreement during the tenure of last government, but it is yet to be ratified by the Swiss Parliament.
