This week, Pakistan’s Federal Board of Revenue (FBR) has issued an updated list of 28 tax jurisdictions that recently signed the BEPS Multilateral Convention against tax fraud. In this regard, Pakistan and 28 countries will be able to exchange tax information to fight base erosion and profit shifting.
1. List of countries
The FBR’s list revealed the names of these 28 countries: Austria, Belgium, Bosnia and Herzegovina, Canada, Czech Republic, Denmark, Egypt, Finland, Hungary, Indonesia, Ireland, Japan, Jordan, Kazakhstan, Malaysia, Malta, Mauritius, Netherlands, Oman, Poland, Portugal, Qatar, Saudi Arabia, Serbia, Singapore, Sweden, the United Arab Emirates, and the United Kingdom.
2. Multilateral Convention
Multilateral Convention to implement tax treaty measures to prevent tax base erosion and profit shifting. It will implement measures to update international tax rules and reduce the possibility of tax evasion by multinational companies.
3. BEPS Project
The BEPS Project was implemented through multilateral negotiations and addressed more than 15 action plans, which addressed several different areas of international taxation to eliminate tax evasion through profit shifting.
Source: Propakistani 10/05/22