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Pakistan to get Swiss accounts’ information

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Staff Writer | March 9, 2017
Minister for Finance Ishaq Dar in a policy statement in the National Assembly said that Pakistan would sign an agreement with Switzerland on exchange of information regarding bank accounts on the 21st of this month.
Ishaq Dar
Taxes   Minister for Finance Ishaq Dar:
He said that the conditions presented by Pakistan were accepted by the Swiss authorities as Pakistan would not lessen the tax rates and it would not give Switzerland the status of Most Favoured Nation (MFN).

He said several meetings were held with the Swiss authorities and now they had invited Pakistan to sign the agreement. With the signing of the agreement, Pakistan would have access to Swiss bank accounts of Pakistanis who keep money there to evade taxes.

The finance minister said that Pakistan had already signed the Multilateral Convention on Tax Matters with the Organisation for Economic Cooperation and Development (OECD) on September 14, 2016 which was going to be operationalised next year. He said Pakistan was the 104th member of the organisation.

He said after the convention was operationalised, it would be impossible to keep tax evaded money in these countries. “We will also have information about illegal flow of capital to any member of the convention,” he said.