Pakistan, Switzerland agree to exchange bank accounts info for monitoring tax evasion

BE2C2 Report — Pakistan’s Finance Minister Ishaq Dar told the National Assembly on Wednesday that Islamabad will soon sign an agreement with Switzerland on exchange of information regarding bank accounts.

He informed the lawmakers present in the parliament that several meetings have been held with Swiss authorities and they have now invited Pakistan to sign the agreement on March 21.

According to Radio Pakistan, Dar said Pakistan has already signed the Multilateral Convention on Tax Matters with the Organization for Economic Cooperation and Development (OECD) on September 14, 2016 which is going to be operationalized next year. He said Pakistan is the 104th member of the Organization.

He said after the operationalization of this convention, it will be impossible to keep tax evasion money in these countries.

Pakistan seeks to close gaps in its economic structure and augment its financial market as it positions itself to become one of thetop 20 powerful economies by 2030 and 16th by 2050. Broadening tax base, strengthening laws against tax avoidance, evasion and bringing informal economy into the mainstream are works in progress, said an expert.

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