Thursday, 29 February 2024
HMRC and FBR sign MoU on different tax initiatives and interests

Latest MoU was Signed by HMRC and FBR in 2022

Latest MoU was Signed by HMRC and FBR in 2022

Latest MoU was signed by HMRC and FBR in 2022. Recently, the Federal Board of Revenue (FBR) and His Majesty’s Revenue and Customs of the United Kingdom of Great Britain and Northern Ireland (HMRC) signed a Memorandum of Understanding. This MoU has been signed to work together to assist Pakistan in achieving its tax reforms agenda.

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FBR and HMRC will partnering to work towards:

  • two strategic tax reform objectives-Data utilization and processes for international tax components and
  • improved institutional capacity to different areas
  • these areas include, but are not limited to compliance risk management, AML functions, Information and Data.

Initiative of Tax Inspectors Without Borders

FBR is also partnering with HMRC & OECD. Under this collaboration initiative Tax Inspectors Without Borders (TIWB) has been taken. This initiative will be for the purpose of capacity building of FBR officers.

See also  Tax Exemption of Foreign Source Income of Returning Expatriates

Under this project between FBR and HMRC, the HMRC experts will provide training to FBR officers in the areas of:

  • tax and financial investigations involving tax fraud,
  • money laundering
  • and prosecution.

Chairman FBR, Asim Ahmad said that cooperation is also required in the area of developing expertise in data analysis and how data can be used to broaden the tax base.

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