ISLAMABAD: Approval to make Pakistan a member of the Organisation for Economic Cooperation and Development (OECD) bears a bad news for those who are stashing money in Swiss banks.
After completing the legal procedures, Pakistan will be given membership of the organization in September 2016 officially. The members of the board granted approval for membership of Pakistan.
Sources at Federal Board of Revenue (FBR) revealed that India that is a member of OECD governing body opposed Pakistan’s membership raising question that it did not have proper automated mechanism through which information about taxes and banks could be shared with other member countries.
They added that other member of OECD including France, Switzerland, US, Britain and many other countries appreciated the presentation of Pakistani team and also rejected objection of India.
On the other hand, authorities concerned of Switzerland showed consent for amending article 26 of double taxation treaty that will help tax officials tracing the Pakistani people those have accounts in Swiss banks.
Officials said that the membership of OECD and amendment in taxation treaty with Switzerland will empower Pakistan to get bank details of Pakistanis not only from Switzerland but also from other countries.
They officials further said that tax officials will not be required anymore to send detail about any person to know about his assets. In the agreement that will be signed for membership soon carries an article bounding tax officials to keep the name of Pakistanis those have bank accounts in foreign countries confidential.
