Pakistan, Switzerland ink revised agreement on 'Avoidance Double Taxation'
Pakistan and Switzerland have inked the revised Agreement on Avoidance of Double Taxation with respect to Taxes on Income.
The Agreement was signed by the Ambassador of Switzerland Marc George and Chairman Federal Board of Revenue Dr. Muhammad Irshad in Islamabad on Tuesday.
The agreement will open new vistas for cooperation especially in the areas of exchange of information for tax purposes.
It contains improvements with regard to taxation of service fees and capital gains resulting from the sale of qualifying participants.
The agreement also contains an arbitration clause, which would guarantee the avoidance of double taxation.
It will also provide access to bank information for tax purposes and such information shall not be refused solely because the information is held by a bank or other financial institution.