Islamabad: The federal government has decided to review an information-sharing agreement on taxation with at least 38 countries – a news source reported.
These countries, namely, are Switzerland, Norway, Hong Kong, Holland, Italy, Japan, South Korea, Brunei, US, UK, Hungary, Germany, France, Finland, Denmark, Canada, Bosnia, Belgium, Egypt, Czech Republic, Nepal, Ukraine, Kazakhstan, Spain, Yemen, Vietnam, Turkmenistan, Tunisia, Turkey, Tajikistan, Thailand, Saudi Arabia, Syria, Sri Lanka, Singapore, Romania, Qatar, Portugal, Poland, Philippines, Oman, Nigeria, Morocco, Mauritius, Malta, Malaysia, Lebanon, Libya, Kuwait, Jordan, Ireland, Indonesia, Bangladesh, Bahrain, Azerbaijan, and Austria.
The government plans to generate additional revenue through shipping companies. Pakistan and China have agreed to establish at least 29 special economic zones under the CPEC project.
Reportedly, the revised taxation treaties will make it mandatory for Pakistanis to pay a certain amount of tax to the federal government on offshore properties and assets held by them. This taxable amount will have to be submitted to the shipping companies working in Pakistan.
A summary to this effect will be forwarded to the federal cabinet for approval. Pakistani officials will then deliberate on the matter with the taxation authorities of the said countries.
