Pakistan signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and became the 104th jurisdiction to join the Convention.
The Convention was developed jointly by the OECD and the Council of Europe as an instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers’ rights.
The Convention on Mutual Administrative Assistance in Tax Matters, by virtue of its Article 6, requires the Competent Authorities of the Parties to the Convention to mutually agree on the scope of the automatic exchange of information and the procedure to be complied with.
In the presence of OECD Secretary-General Angel Gurría, Senator Mohammad Ishaq Dar, Minister of Finance of Pakistan, signed the convention at the OECD Headquarters in Paris. Pakistan, which is also the Member of the BEPS inclusive framework, shows its commitment to fight offshore tax evasion and avoidance. "The Convention provides the ideal instrument to swiftly implement automatic exchange so the signing and ratification of the Convention is very timely," OECD informed.
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