New global standards to be implemented, OECD team told

RECORDER REPORT

ISLAMABAD: Pakistan is taking steps to implement new international standards to combat tax avoidance and tax evasion as part of the induction programme to support the implementation of the Base Erosion and Profit Shifting (BEPS) measures.

According to an official announcement of the Federal Board of Revenue (FBR) here on Tuesday, a delegation of Organization for Economic Cooperation and Development (OECD) called on Finance Minister Dr Shamshad Akhtar, Chairperson FBR Rukhsana Yasmin and Member Inland Revenue Policy Dr Mohammad Iqbal here in Islamabad to discuss the progress of the country in implementing the new international standards to combat tax avoidance and tax evasion as part of the induction program to support the implementation of the BEPS measures.

A technical workshop facilitated by the OECD was held from July 16 to July 19 at the FBR (HQs) which was attended by the senior officials of FBR and it served to identify the areas where assistance was required. Pakistan’s outstanding progress made on the implementation of the BEPS minimum standards, which is an active member of the Inclusive Framework on BEPS and the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) was lauded by the visiting delegates.

At the end a roadmap was agreed upon, delineating the future actions to be undertaken in furtherance of implementation of international standards.