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World-wide Tax Disclosure
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World-wide Tax Disclosure

Since the 2018 elections in Pakistan, the new government led by Imran Khan has made tax avoidance a key part of its policy. In this respect, Pakistan is part of a group of OECD countries which have started to exchange tax information.

The Federal Board of Revenue (FBR) in Pakistan has an Automatic Exchange of Information (AEOI) agreement with the UK and other countries. This agreement allows the exchange of information between tax authorities of different countries about financial accounts, assets, income and investments to help stop tax evasion.

Financial institutions, for example, banks, building societies, insurance companies, investment companies, will provide information on non-UK residents, i.e. Pakistani nationals, with bank accounts, assets and investments in the UK to HM Revenue & Customs (HMRC). HMRC will share this information with the FBR in Pakistan. HMRC will also receive similar information from the FBR about UK residents with bank accounts, assets and investments in Pakistan.

We have tax lawyers and accountants in our associate office in Islamabad who handle all our overseas Pakistani tax enquiries via our UK office in Sheffield.

The FBR and HMRC have now started issuing tax enquiry letters to UK and Pakistani nationals requesting further information about their income and/or assets. We have been contacted by a number of UK nationals with assets and/or income in Pakistan who have received such tax enquiries from the FBR and HMRC. We have been able to offer assistance to such clients, saving them time and money from having to travel to Pakistan to deal with the matter.

If you have outstanding tax affairs relating to foreign income, investments and assets in the UK or Pakistan then please contact us. It is always better to approach the tax authorities first with a view to settling your outstanding tax affairs, otherwise you may face significantly higher penalties.

If you have outstanding tax matters in other countries, please contact us for a brief discussion to see if we are able to assist.