{"id":66191,"date":"2020-06-04T10:20:00","date_gmt":"2020-06-04T05:20:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=66191"},"modified":"2020-06-03T18:21:54","modified_gmt":"2020-06-03T13:21:54","slug":"uk-asks-pakistan-remove-hurdles-audit-mncs","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/uk-asks-pakistan-remove-hurdles-audit-mncs.html","title":{"rendered":"UK asks Pakistan to remove hurdles in audit of MNCs"},"content":{"rendered":"\n<p>Islamabad: UK tax authorities on Monday announced the pursuit of \u2018only conditional\u2019 further cooperation with Pakistan under the global \u2018Tax Inspectors Without Borders (TIWB)\u2019 initiative due to concerns about hurdles in the audit of multinational companies (MNCs) \u2013 a news source reported.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/govt-seeks-record-of-rental-properties-to-curb-tax-evasion.html\" target=\"_blank\" rel=\"noreferrer noopener\">Govt seeks record of rental properties to curb tax evasion<\/a><\/p>\n\n\n\n<p>According to details, Pakistan risks losing the opportunity to catch a large number of tax evaders in case it fails to remove the said auditing impediments; which can consequently lead to a fallout in cooperation with Her Majesty\u2019s Revenue and Customs (HMRC) \u2013 the kingdom\u2019s official taxation authority. The said UK governmental department has been providing assistance to the Pakistani government on MNCs\u2019 use of transfer-pricing information received under the Organization of Economic Cooperation Development (OECD)\u2019s Country-by Country Reporting (CbCR) regime.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/fbr-to-probe-property-tax-evasion-worth-pkr-2-bn.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to probe property tax evasion worth PKR 2 bn<\/a><\/p>\n\n\n\n<p>In case Pakistan is unable to remove these hurdles, it can face considerable difficulties in recovering evaded taxes from these multinational ventures.<\/p>\n\n\n\n<p>The transfer pricing is the price at which the subsidiaries of MNCs sell and buy goods and services from the parent company. These numbers can be tweaked to show high costs; thereby facilitating tax evasion practices.<\/p>\n\n\n\n<p>The OECD had started the TIWB initiative to enhance the tax audit capacity of its member countries and help them check this practice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: UK tax authorities on Monday announced the pursuit of \u2018only conditional\u2019 further cooperation with Pakistan under the global \u2018Tax Inspectors Without Borders (TIWB)\u2019 initiative due to concerns about hurdles in the audit of multinational companies (MNCs) \u2013 a news source reported. Read: Govt seeks record of rental properties to curb tax evasion According to details, Pakistan risks losing the opportunity to catch a large number of tax evaders in case it fails to remove the said auditing impediments; which can consequently lead to a fallout in cooperation with Her Majesty\u2019s Revenue and Customs (HMRC) \u2013 the kingdom\u2019s official taxation authority. The said UK governmental department has been providing assistance to the Pakistani government on MNCs\u2019 use of transfer-pricing information received under the Organization of Economic Cooperation Development (OECD)\u2019s Country-by Country Reporting (CbCR) regime. Read: FBR to probe property tax evasion worth PKR 2 bn In case Pakistan is unable to remove these hurdles, it can face considerable difficulties in recovering evaded taxes from these multinational ventures. The transfer pricing is the price at which the subsidiaries of MNCs sell and buy goods and services from the parent company. These numbers can be tweaked to show high costs; thereby facilitating&hellip;<\/p>\n","protected":false},"author":57,"featured_media":61403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[30859],"persona":[],"class_list":{"0":"post-66191","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-uk-asks-pakistan-to-remove-hurdles-in-audit-of-mncs","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UK asks Pakistan to remove hurdles in audit of MNCs - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: UK tax authorities on Monday announced the pursuit of \u2018only conditional\u2019 further cooperation with Pakistan under the global \u2018Tax Inspectors Without Borders (TIWB)\u2019 initiative due to concerns about hurdles in the audit of multinational companies (MNCs) \u2013 a news source reported.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/uk-asks-pakistan-remove-hurdles-audit-mncs.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK asks Pakistan to remove hurdles in audit of MNCs - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: UK tax authorities on Monday announced the pursuit of \u2018only conditional\u2019 further cooperation with Pakistan under the global \u2018Tax Inspectors Without Borders (TIWB)\u2019 initiative due to concerns about hurdles in the audit of multinational companies (MNCs) \u2013 a news source reported.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/uk-asks-pakistan-remove-hurdles-audit-mncs.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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