As recently reported (Link-Blog), 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 to furnish information required under the Common Reporting Standard (“CRS”) and Chapter XIIA of Pakistan Income Tax Rules.
In this respect, Pakistan, on 30 June 2019, released the Finance Act 2019 (Link). On page 145 in clause 60A the definition of “specified jurisdiction under CRS” has been added. Newly added penalties can be found in the table starting on page 185.
For guidance and submission of reports, FBR AEOI Portal on the official website of FBR has been set-up (Link).