ISLAMABAD: Pakistan’s top tax machinery is delaying honouring its international commitments to prevent tax evasion and the setting up of offshore accounts for stashing ill-gotten wealth.
The Organisation of Economic Cooperation and Development (OECD) has warned Pakistan that it may lose the right to receive information on a reciprocal basis from other 104 signatories if its implementation of the required measures has deficiencies.
In September 2016, Pakistan signed the Convention on Mutual Administrative Assistance in Tax Matters, which paved the way for the exchange of information regarding offshore accounts. The need for signing the convention arose in the wake of the Panama Papers case.
One of the major conditions for the implementation of the convention was the setting up of six automatic exchanges of information (AEOI) zones across the country.
An official source told Dawn that the AEOI zones were already established. But a team from the OECD secretariat
... read more at: https://www.dawn.com/news/1362374