Data of Pakistanis' assets, bank accounts: FBR places software for receiving information through OECD

The Federal Board of Revenue (FBR) has placed standardized software for receiving first batch of thousands of cases of Pakistanis through automatic exchange portal from Organization for Economic Cooperation and Development (OECD) to seek financial data of assets and bank accounts abroad with effect from October 1, 2018.
Sources said that the FBR has placed software with the grant of UK based Department for International Development (DFID) for receiving information through automatic exchange portal from OECD forum and all required mechanism were in place to use this information against those who would not avail the amnesty scheme for declaration of foreign assets.
Sources said that the FBR placed software with the assistance of DFID for receiving automatic information from OECD with effect from October 1, 2018. Through Finance Bill 2018, the FBR has brought foreign jurisdictions into tax net enabling OECD agreement operational for all tax collection purposes.
After operationalization of OECD agreement on taxation, the FBR would have detailed information about owners of foreign assets and bank account holders and concealment cases would be framed against those who would not avail this last chance. The policy of name and shame will be adopted against tax evaders after June 30 this year, the sources added.