Pakistan becomes signatory to OECD Convention in tax matters

217
Pakistan becomes signatory to OECD Convention in tax matters

ISLAMABAD, Sept 14 (APP): Pakistan on Wednesday became a signatory to the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

Minister for Finance, Revenue and Economic Affairs
Senator Mohammad Ishaq Dar signed the Convention along with Angel Gurria, Secretary General of the Organization for
Economic Cooperation and Development (OECD), at a dignified ceremony in Paris, a message received here from Paris said.

OECD invitation to Pakistan to sign the Convention was
possible after a long process of over two years, which included peer reviews and amendments in Pakistani domestic income tax laws to meet the requirements of OECD.

It demonstrates Pakistan’s strong commitment to adopt
international best practices in the field of tax matters and
join the multilateral fight against tax evasion through
mutual, auto and spontaneous exchange of information.

The Convention, which is currently signed by over 80
countries, would facilitate international cooperation on
national tax laws and provide administrative cooperation among member countries to combat tax evasion.

The Finance Minister also held a bilateral meeting with
the OECD Secretary General to discuss ways and means to further strengthen the existing ties between Pakistan and the OECD.

He conveyed Pakistan’s desire to become a key OECD
partner country and reaffirmed Pakistan’s determination to
cooperate with the OECD on all important areas of mutual
interest.

He informed the Secretary General about the various
economic and fiscal reforms undertaken by the government to stabilize Pakistan’s economy, and the increased budgetary
support for health and education sectors.

He also invited Secretary General to visit Pakistan.

The Secretary General congratulated the Finance Minister
on historic signing of the Convention on Mutual Administrative Assistance in Tax Matter, and for his central role in economic turnaround in Pakistan in the last three years.

He acknowledged that Pakistan has made great strides in
economic field, which has deservedly received accolades from international financial institutions.

He invited Pakistan to take part in various OECD global
fora and meetings.

The OECD is an intergovernmental forum, which focuses on
issues including trade, taxation, environment, technology and
education.

It has 35 member countries in Europe, Americas and Asia
Pacific. Pakistan, though not a member of the OECD, has been regularly invited to participate in its various committee
meetings.