The OECD has announced that Pakistan has become the 104th jurisdiction to sign the multilateral convention on mutual administrative assistance in tax matters, the key instrument for international tax cooperation
The convention provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. It also guarantees extensive safeguards for the protection of taxpayers’ rights.
Senator Mohammad Ishaq Dar, Minister of Finance of Pakistan, completed the formal signing in the presence of OECD Secretary-General Angel Gurría at the OECD’s headquarters in Paris.
The convention was developed jointly by the OECD and the Council of Europe in 1988 and amended in 2010 to respond to the call by the G20 to align it to the international standard on exchange of information and to open it to all countries.
Signatories broke through the 100 barrier earlier this summer, when Burkina Faso, Malaysia, Saint Kitts and Nevis, Saint Vincent and the Grenadines, and Samoa all pledged their agreement to the convention.
