?Govt to get tax info from Switzerland from Jan 1?

[ahlam1399]

?Govt to get tax info from Switzerland from Jan 1?

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday informed the Senate Panel that Pakistani authorities could not seek information about past tax matters from Switzerland but they could get information with effect from January 1, 2018 as exchange of information between the two countries had come into force.
Minister of State for Finance Rana Mohammad Afzal Khan and FBR?s Member IR policy Dr Mohammad Iqbal briefed the Senate Standing Committee on Finance that Pakistan and Switzerland signed exchange of information agreement from March 2017 but it would become effective for implementation from January 1, 2018.
Under the exchange of information, the FBR member told the committee that the details could be sought from Switzerland after January 1, 2018 but efforts would be made to get information about the past.
Senator Illyas Bilour said that it would not be beneficial if Pakistan could not get information about past years.
Chairman of the Senate Standing Committee Saleem Mandviwalla reminded that Ishaq Dar had stated on the floor of the National Assembly that $200 billion were stash into Swiss accounts. On this point, Rana Afzal replied that this figure could not be authenticated from Swiss authorities and it was just mere guess or estimation.
The committee was informed that the government had to pay back $6 billion on account of foreign debt out of which $2.4 billion were already paid and remaining repayments of $3.6 billion would be made in remaining months of the current fiscal year.
On a question raised by Mandviwalla, the Finance Ministry replied that the current account deficit was estimated at around $14 billion for whole financial. Senator Mandviwalla argued that the government required $17 billion to meet its gap on external front.
The Standing Committee was informed that the Cabinet approved issuance of bonds on November 2, 2017 and the government pledged different parts of Motorway for issuance of Sukuk bond.
In 2014, the government had pledged portion of Motorway from Islamabad to Chakwal, in 2016 the portion of Motorway from Chakwal to Hafizabad and in 2017 the portion of Hafizabad to Lahore was pledged to issue Sukuk bond.
Senator Mohsin Aziz said that the exchange rate was deteriorating and investors would remain shy for investment in such policies.Senator Kamil Ali Agha said that the government did not provide information about the last transaction for launching Eurobond in 2016 so the required information must be shared with the representative of elected House of Parliament.



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