National News

PARIS, (APP): Pakistan became a signatory to the OECD
Multilateral Convention on Mutual Administrative Assistance in Tax
Matters after signing the convention.
Finance Minister, Senator Mohammad Ishaq Dar and Secretary
General of the Organization for Economic Cooperation and Development
(OECD), Angel Gurria signed the convention in a dignified ceremony
in Paris.
OECD invitation to Pakistan to sign the Convention was made
possible after a long process of over two years, which included peer
reviews and amendments in Pakistani domestic income tax laws to meet
the requirements of OECD.
It demonstrates Pakistan’s strong commitment to adopt
international best practices in the field of tax matters and join
the multilateral fight against tax evasion through mutual, auto and
spontaneous exchange of information.
The Convention, which is currently signed by over 80
countries, would facilitate international cooperation on national
tax laws and provide administrative cooperation among member
countries to combat tax evasion.
The finance minister, according to statement issued by the
finance ministry, also held a bilateral meeting with the OECD
Secretary General to discuss ways and means to further strengthen
the existing ties between Pakistan and the OECD.
He conveyed Pakistan’s desire to become a key OECD partner
country. He reaffirmed Pakistan’s determination to cooperate with the
OECD on all important areas of mutual interest.
He informed the Secretary General about the various economic
and fiscal reforms undertaken by the government to stabilize
Pakistan’s economy, and the increased budgetary support for health
and education sectors. He also invited Secretary General to visit
Pakistan.
On the occasion, the Secretary General congratulated the
finance minister on historic signing of the Convention on Mutual
Administrative Assistance in Tax Matter, and for his central role in
economic turnaround in Pakistan in the last three years.
He acknowledged that Pakistan has made great strides in
economic field, which has deservedly received accolades from
international financial institutions.
He invited Pakistan to take part in various OECD global fora
and meetings.
It is pertinent to mention that the OECD is an
intergovernmental forum, which focuses on issues including trade,
taxation, environment, technology and education.
The forum has 35 member countries in Europe, Americas and Asia
Pacific. Pakistan, though not a member of the OECD, has been
regularly invited to participate in its various committee meetings.