Islamabad: The Federal Board of Revenue (FBR) has amended the Pak-Swiss Dual Taxation Treaty for allowing access to banking information, a news source reported. The amended Article 25 (‘Exchange of Information’) will enable both sides to access banking information and financial details.
The updated version allows a more detailed procedure for accessing the financial information between the two countries. The revised notification prevents the withholding of information solely because a bank, financial institution, nominee or person acting in agency or fiduciary capacity owns it. Similarly, the agreement is not to be interpreted for withholding the information even it relates to the ownership interests in a person.
The SRO 187(I)/2019 issued by FBR states that the exchange of information will only be requested once all other regular channels of information gathering have been utilised. Several other conditions are part of the amended Article 25. For complete information on the updated version, contact FBR.