Pakistan has inked four conventions with foreign tax jurisdictions for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income during 2022-23.
According to the Federal Board of Revenue’s (FBR) data, Pakistan and Norway held the first round of negotiations in Oslo from 28-30 November 2022 for the revision of the existence Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.
Moreover, Pakistan and Afghanistan held the third round of negotiation in Islamabad from February 1-3, 2023 on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, and the Agreement was initiated.
Pakistan and Lithuania held the third round of negotiation at Vilnius on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and the Agreement was initialed.
The data revealed that Pakistan’s Model draft agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion concerning Taxes on Income was approved.
The Protocol updating Article on Exchange of Information in the existing Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion concerning Taxes on Income between Pakistan and Tajikistan was notified.
Pakistan completed a Peer Review under BEPS Action 5 (Countering harmful tax practices with a focus on improving transparency. Pakistan also completed Peer Review under BEPS Action 6 (prevention of tax treaty abuse) and the country successfully completed Peer Review on Mutual Agreement Procedure under BEPS Action 14, the FBR report added.
