ISLAMABAD: Two-member delegation of FBR has left for Switzerland to hold initial talks with respect to double taxation agreement. FBR Chairman Tariq Bajwa is not part of the delegation because of critical situation in the capital and his participation in the ECC meeting on August 26.
The delegation comprises Chief Inland Revenue Tariq Masood and Secretary International Tax Sajida Kausar. Pakistan and Switzerland will conclude the talks till August 30. Both the sides will negotiate avoidance of double taxation agreement and exchange of information’s current article would be discussed as well. Through amendments in the said article it would be possible to exchange banking related information.
Switzerland Ambassador in Pakistan Marc George said that there was need to refrain from higher expectations that these negotiations would bring back $200 billion into Pakistan. He said that Pakistan would have to prove illegal deposits into Swiss accounts then it would be possible to bring back this money.
Sources from finance ministry told Customs Today that Switzerland being member of Organization for Economic Cooperation and Development (OECD) has introduced Asset Illicit of Return Act to share intelligence with member countries of OECD about illegal accounts of citizens who stashed money at Switzerland. “Already India and UK have been obtaining these information from Swiss banks as these information sharing is also part of these agreements with member countries,” they added.
