ISLAMABAD: The Directorate General of International Taxes at the Federal Board of Revenue (FBR) hosted the Global Forum’s Assessment Team from the Organisation for Economic Co-operation and Development (OECD) at its headquarters in Islamabad.
The on-site visit was conducted as part of the Second Round of Peer Review on Exchange of Information, scheduled from March 13th to March 16th, 2023. This initiative is part of the ongoing commitment by Pakistan, as a member of the Global Forum on Transparency & Exchange of Information, to undergo periodic assessments to ensure compliance with international standards.
Throughout the on-site visit, the Assessment Team engaged in meetings with various stakeholders involved in the review process. These stakeholders included representatives from the Securities and Exchange Commission of Pakistan, State Bank of Pakistan, Financial Monitoring Unit, and trust authorities under the Trust Act of 2020.
The Peer Reviews of Exchange of Information are conducted by the OECD’s Global Forum, focusing on the transparency and exchange of information for tax purposes among member jurisdictions. These reviews assess the adherence of member countries to established standards and protocols.
The Assessment Team acknowledged and commended the significant efforts and dedication demonstrated by Pakistan in aligning its legal and administrative framework with the international standards set by the Global Forum under the Terms of Reference (2016). The commitment to these standards ensures that countries effectively exchange information to combat tax evasion and enhance global financial transparency.
The final report from the review will be issued following approval from the Peer Review Group of the Global Forum. This comprehensive report will provide insights into Pakistan’s adherence to international standards, highlighting areas of strength and areas for potential improvement in the exchange of information mechanisms.
Participation in these reviews and the subsequent adoption of recommendations represent Pakistan’s commitment to global efforts aimed at preventing tax evasion, money laundering, and other financial crimes through effective international cooperation. Such assessments contribute to fostering a transparent and accountable financial environment on the global stage.
The positive feedback from the Assessment Team underscores the country’s dedication to maintaining international standards and further strengthens its position as an active participant in the global fight against financial crimes. The final report will serve as a testament to Pakistan’s commitment to transparency and collaboration in the realm of international taxation.
