Ill-gotten money deposited in Swiss banks: FBR chief may visit Switzerland from August 26

Chairman of Federal Board of Revenue (FBR) Tariq Bajwa is likely to lead a delegation to Switzerland from August 26-28 to re-negotiate and upgrade treaty on Avoidance of Double Taxation with Switzerland to tax undeclared money deposited in the Swiss banks by the Pakistani nationals. Sources told Business Recorder here on Monday that a delegation of tax officials headed by the FBR Chairman was expected to visit Switzerland from August 26-28.
The Federal Board of Revenue had accepted the Swiss proposal to hold negotiations on August 26-28 to upgrade the existing Pak-Swiss Tax Treaty. The government is seriously working on seeking assistance on the new Swiss laws referred to as The Restitution of Illicit Assets Act, 2010 that allows the Swiss government to exchange confidential information with governments whose citizens have ill-gotten monies stashed in the Swiss banking industry.