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07-13-2016, 05:06 AM
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Pak, Swiss govt agree to review avoidance of double taxation pact
ISLAMABAD: In a major development, Pakistan and Swiss tax authorities have agreed for holding parleys to reopen different clauses under revised avoidance of double taxation agreement which might help Islamabad to retrieve dirty money of around $200 billion stashed into Swiss bank accounts, The News has learnt. “Pakistan’s tax authorities have achieved a breakthrough which will help the FBR to reopen different clauses with Swiss authorities under avoidance of double taxation agreement. Minister for Finance Ishaq Dar will share details with the media in coming days,” official sources confirmed to The News here on Tuesday night. Earlier, the FBR team had struck an agreement during parleys held in 2014 that had severely compromised Islamabad stance negatively so it was deliberate effort of the tax machinery to make renewed efforts to convince Swiss tax authorities to renegotiate different clauses under this revised agreement. “**w we have convinced Swiss tax authorities to restart negotiation related to repatriation of interest payment backed to Switzerland by the companies working in Pakistan and some other relevant issues as well during recently held talks,” said the top sources. Meanwhile, Federal Minister for Finance Ishaq Dar on Tuesday assured that the government would **t withdraw tax on property imposed in this budget but would take all steps to facilitate the genuine taxpayers. Ishaq Dar described revenue as key for growth and eco**mic development and urged the Federal Board of Revenue (FBR) to accelerate its efforts to further extend the tax net. Addressing senior officials at FBR, the finance minister said that Pakistan had a lot of potential which needed to be explored and utilised for the development and prosperity of the country. He appreciated FBR for achieving a difficult revenue target for the fiscal year 2015-16 with dedicated efforts and urged for further efforts to achieve the target of Rs3,621 billion in the next fiscal year. The minister also reiterated the government’s commitment for macro-eco**mic stability of the country and added that all the credible national and international financial institutions recognised and ack**wledged the government’s efforts and achievements on eco**mic front. He was of the view that sincere efforts, commitment and strong will, together could achieve the impossible. He pointed out that the tax collection target for the fiscal year 2015-16 had been achieved without any downward revision. The minister said 60 percent increase in tax collection during the last three years had brought down the budgetary deficit. He said the foreign exchange reserves at $23 billion were also the highest in the history of the country. He dispelled the impression that foreign exchange reserves had been built with borrowed money. He said the country obtained 15.5 billion dollars in three years and paid back 10 billion dollars of loans secured by previous governments. The finance minister said Pakistan had bright future and if there was consensus among political parties on the eco**mic agenda, the country could achieve the status of 18th largest eco**my of the world in half the period than originally predicted. He said the country achieved GDP growth rate of 4.7 percent last year and the government was determined to take it to 7 percent over the next two years. أكثر... ??????? ??????: Pak, Swiss govt agree to review avoidance of double taxation pact || ??????: ahlam1399 || ??????: اسم منتداك
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