ISLAMABAD: 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 to work together on capacity building programmes to assist Pakistan in achieving its tax reforms agenda.

FBR and HMRC are partnering to work towards two strategic tax reforms objectives-Data utilisation and processes for international tax components and improved institutional capacity to implement strategic plans and reform agenda in areas which include, but are not limited to compliance risk management, AML functions, Information and Data.

FBR is also collaborating with HMRC & OECD under the initiative of Tax Inspectors Without Borders (TIWB) for capacity building of FBR officers. Under this initiative, HMRC experts will deliver training to FBR officers in the areas of tax/financial investigations involving tax fraud, money laundering and prosecution.

Speaking on the occasion, British Acting High Commissioner Andrew Dalgleish said that partnership between HMRC and FBR through Revenue Mobilisation, Investment and Trade Programme (REMIT) builds on past successes on international taxation such as automatic exchange of information between tax jurisdictions along with new areas of collaboration. The UK is proud to be supporting Pakistan’s efforts and looks forward to the shared benefits it can bring to both economies.

Chairman FBR, Asim Ahmad appreciated the growing collaboration between FBR and HMRC. He also called for cooperation in the area of developing expertise in data analysis and how data can be used to broaden the tax base. He added that he is looking forward to building cooperation over the next two years to enable FBR to develop in-house capabilities in these areas.

Copyright Business Recorder, 2022