Pakistan recovers billions from untaxed offshore funds

Pakistani tax authorities have clawed back Rs1.8bn from untaxed offshore funds as a result of the trove of information shared between countries under the Automatic Exchange of Information (AEOI). Pakistan received information on its citizens who made financial transactions abroad in 2018 and 2019. In the first year, the FBR received data from 27 countries and in the next year from 55 jurisdictions. The Federal Board of Revenue (FBR) told local news outlet The News that from the data shared, authorities have created a tax demand of Rs4.4bn during past 13 months (January 2019 to January...