Islamabad: The federal government has decided to establish a Directorate General of International Taxes in place of the transfer pricing directorate – a news source reported.
This directorate will be introduced after the approval of the Second Supplementary Finance Bill 2019 by the parliament. It is expected to be set up by June.
The new authority will scrutinise master files and other records of multinational companies & enterprises whose turnover falls in excess of PKR 100 million. It will also introduce measures to track down tax evaders owning properties and assets abroad.
The Federal Board of Revenue (FBR) previously made it mandatory for multinational organisations to submit their master files and other relevant records.
In a similar effort, Pakistan has sought assistance from 10 more countries under a framework mechanism devised by the Organisation for Economic Cooperation and Development (OECD).
