ISLAMABAD: Federal Minister for Finance, Revenue and Economic Affairs Asad Umar has informed the National Assembly that no information has been received from Swiss authorities under Convention for the Avoidance of Double Taxation with respect to taxes on income (ADTA).
While replying a question regarding the hidden wealth of Pakistanis in Switzerland in pursuance of avoidance of double taxation agreement with Switzerland, Asad Umar stated that upon receipt of actionable tax information about Pakistani tax resident persons, if the fund remitted out are found to be unexplained, tax demand could be raised that is recoverable against the assets located in Switzerland under the ADTA and multilateral convention.
He informed the parliamentarians that Federal Board of Revenue has successfully renegotiated the Convention for the Avoidance of Double Taxation with respect to Taxes on Income (ADTA) with Switzerland which inter alia, contains the Article on exchange of information for tax purposes can be made beyond the information, available with tax administration in normal course of business and includes information available with banks and other persons in fiduciary capacity.
The revised ADTA has been ratified by both Pakistan and Switzerland through exchange of instrument of ratification on November 2018.
