The Organisation for Economic Cooperation and Development (OECD) today announced that Pakistan signed an agreement (convention) for mutual administrative assistance in tax matters.
According to today’s OECD release, the number of participating jurisdictions is currently 104 countries or jurisdictions. The convention represents international tax cooperation by providing all forms of administrative assistance in tax matters—from the exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, to simultaneous tax examinations and assistance in tax collection.
By signing the convention, Pakistan has indicated its commitment to counter offshore tax evasion and avoidance. As a member of the base erosion and profit shifting (BEPS) inclusive framework, Pakistan will exchange automatically country-by-country reports as required under Action 13 of the BEPS project.
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