Ahmed Mukhtar Naqshbandi
ISLAMABAD: Pakistan’s prime tax collection authority Federal Board of Revenue (FBR), will not inform any taxpayer about the queries received from any foreign government entity seeking information about his properties and bank accounts. This information will be shared under the exchange of information laws signed with the respective governments.
The FBR issued an Income Tax Circular in this regard at the weekend.
The Board has framed the rule guideline for Exchange of Information on Request (EOIR) for domestic procedures to be abided by offices of Inland Revenue.
The document is named ‘Exchange of Information on Request & Spontaneous Exchange of Information of Pakistan’.
Swapping information is key element in international cooperation
The swapping of such data is an essential element in global cooperation and is vital in ensuring the right allocation of taxing rights between states and that respective governments can enforce their own tax regulations.
The FBR has also cleared the roles and responsibilities so that exchanges of information are carried out in accordance with internationally agreed standards, including the standards on information exchanged.
For any further information, wherever any extra permission is needed to share extra information, it will be sought from relevant authorities as per need basis.
