ISLAMABAD: A delegation of the Federal Board of Revenue (FBR) will leave for Norway on June 21 to hold negotiations regarding the membership of the Organisation of Economic Cooperation and Development (OECD).
The OECD’s membership will enable Pakistan to get information about Pakistanis who have bank accounts in foreign countries, including Switzerland, Britain, US and Europe. All members of OECD automatically share data of taxpayers with each other through software every year. This process is followed to place a check on tax evasion and money laundering.
The delegation comprising FBR International Taxes Secretary Tariq Burki and International Taxes Chief Muhammad Iqbal will hold negotiations with OECD in Oslo, capital of Norway. The government hoped that Pakistan would become the 35th member of the organization.
After getting membership, the tax officials of the country could easily have access to the information of tax matters and bank accounts of the Pakistani nationals, while the other member countries could also get information about their citizens from Pakistan. It will also tightened noose around dual national Pakistanis who transact millions of rupees into Pakistani bank accounts and also help to know whether taxes have been paid on these amounts or not.
The Pakistanis who consider the having bank accounts in foreign countries save enough will also be in the grip of the tax department.
It may mention here that Pakistan has recently become the member of Global Forum on Transperancy and Exchange of Information for Tax Purposes, a branch of OECD.
The OECD is an international organization to promote policies that will improve the economic and social well-being of 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.
