Islamabad, Jan 6: The Federal Board of Revenue (FBR) processed 30 requests under the exchange of information arrangement with international tax jurisdictions during the 2023-24 fiscal year. Out of these, the FBR sought data in 17 cases related to offshore accounts. This highlights FBR’s increasing efforts to strengthen domestic tax compliance by utilizing international networks to combat tax evasion.
The FBR’s focus on transparency aligns with global standards, including the country-by-country reporting system, which ensures multinational corporations accurately report their financial activities across various jurisdictions. The FBR also reported progress in implementing systems for automatic information exchange, by OECD guidelines, allowing access to data on Pakistani taxpayers holding assets abroad.
This data exchange is crucial in addressing issues like profit shifting and base erosion, ultimately contributing to improved corporate tax compliance and the reduction of tax evasion. The FBR has been actively engaged in sharing and receiving tax-related information with other global tax jurisdictions to foster greater international tax compliance.
