Pakistan seeks to introduce new CRS penalties

In June 2019, the Federal Board of Revenue (“FBR”) in Pakistan issued Notes on Finance Bill 2019 (Link). Clause 13(41)(H) seeks to introduce new penalties with respect to offshore tax evasion and failure furnish information required under the Common Reporting Standard (“CRS”) and Chapter XIIA of Pakistan Income Tax Rules.

For guidance and submission of reports, FBR AEOI Portal on the official website of FBR has been set-up (Link).

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