FBR organizes seminar on Common Reporting Standard at Karachi
9 May, 2017: Federal Board of Revenue (FBR) conducted a seminar on Common Reporting Standard for Automatic Exchange of information. The seminar was conducted by the officials of OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes. The OECD team comprised of Mr. Donal Godfrey, Deputy Head of Global Forum Secretariat and Mr. Lloyd Garrichinho, Analyst in the Global Forum.
The event was arranged in Karachi for facilitation and education of the financial industry so that maximum representatives of the industry can benefit from the expertise of the OECD team members.
Pakistan has signed and ratified the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in 2016 and has also taken up a Pilot Project on Automatic Exchange of Information with the approval of Finance Minister with the assistance of the Global Forum and United Kingdom. As Pakistan intends to start its first exchange of information soon, therefore, the financial sector is required to start its due diligence process from 1st July, 2017. Federal Board of Revenue has already notified Common Reporting Standard (CRS) Rules for the purpose.
The Orientation Seminar was conducted in Auditorium of Old Customs, Karachi. Mr. Mohammad Iqbal, Chief (International Taxes) FBR, Mr. Irfan Ali, Executive Director SBP and Ms. Khalida Habib from SECP were also on the panel for the seminar. The Chief Commissioners of RTOs and LTUs, Director General of Customs Training Academy, Collectors of Customs and other senior FBR officers also attended the seminar. Other participants included officers from SBP, SECP, and representatives of financial sector from banking and non-banking sector in a large number.