Tax evasion trail

It is deeply embarrassing for a country to be reprimanded for stalling on its international commitments to prevent tax evasion and the setting up of offshore accounts for stashing ill-gotten wealth.  The lethargy shown on the part of our official tax machinery has triggered a warning from the Organisation of Economic Cooperation and Development (OECD) that Pakistan may lose the right to receive information on a reciprocal basis from 104 other signatories if it fails to implement the required measures. A year ago, Pakistan signed the Convention on Mutual Administrative Assistance in Tax Matters in the wake of the Panama Papers case. A signatory to the convention is required to share information regarding offshore accounts and accordingly set up six automatic exchanges of information (AEOI) zones in the country. Pakistan may have established the automatic exchanges of information but it

... read more at: https://tribune.com.pk/story/1526287/tax-evasion-trail/

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