FBR team to leave for Switzerland to recover money
 

ISLAMABAD: A Federal Board of Revenue (FBR) team will leave for Switzerland on Thursday to hold talks with the Swiss authorities for reaching an agreement on information sharing about the money stashed by Pakistanis in Swiss banks.



FBR member and spokesman Dr Iqbal said the FBR team will move to Bern for a second round of talks with the Swiss tax authorities to amend the existing double taxation avoidance agreement. Both sides will discuss incorporating such provisions in the amendment under which the Pakistan and Swiss tax authorities will be able to obtain information about bank accounts of each other’s citizens.

Finance ministry sources said that Switzerland, being a member of the Organization for Eco**mic Cooperation and Development (OECD), was asked to share information with other member countries about the wealth stashed in fake and Benami accounts.

On the recommendations of the OECD, Switzerland introduced the Return of Elite East Act under which it has been made mandatory for Switzerland to provide information to those countries about the money stashed in its banks by their citizens with which it has signed agreements on double taxation avoidance and the clause of sharing information is also made part of this agreement. Under such agreements, the UK and other countries are obtaining information from Swiss banks about bank accounts of their nationals.



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