The Federal Board of Revenue (FBR) processed 30 requests received from international tax jurisdictions under the exchange of information arrangement and sought data in 17 cases from different countries about offshore accounts during 2023-24.
The FBR data for 2023-24 revealed that efforts were made under international cooperation to exchange tax-related information with other countries during the last fiscal year. These exchanges are crucial for combating tax evasion, especially for individuals and corporations with offshore accounts. The data underscores FBR’s growing focus on leveraging international networks to strengthen domestic tax compliance.
The data showed that the number of inward EOIs (exchange of information requests) processed stood at 30, whereas the number of outward EOIs sent to other global tax jurisdictions totaled 17.
Under the country-by-country reporting system, the initiative—aligned with international transparency standards—aims to ensure that multinational corporations report their financial activities accurately across jurisdictions. The data reflects FBR’s efforts to address profit shifting and base erosion, which are critical for improving corporate tax compliance.
The data on country-by-country reports revealed 41 records of “outward transmission of local filing.” Additionally, 1,426,252 records were shared during the outward transmission of local transactions, and 579,748 records were shared for the inward assignment of reciprocal filings.
The FBR highlighted progress in implementing systems for the automatic exchange of information under OECD guidelines. This step enables the FBR to access data on Pakistani taxpayers holding assets abroad, helping to curb tax evasion and foster global tax compliance, the FBR added.
