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Ministry to mull over measures against profit shifting

The Ministry of Finance will scrutinize amendments to tax law policy in 2019, centred on some measures aimed at preventing base erosion and profit shifting (BEPS) and restructure tax revenue sources. The information was released at a conference reviewing the finance sector’s performance throughout 2018 and setting forth targets for...

FBR probes undeclared offshore assets of resident Pakistanis

KARACHI: The Federal Board of Revenue (FBR) has sought explanations from the resident Pakistanis regarding their undeclared foreign assets, sources said on Tuesday. These assets were identified under the Automatic Exchange of Information (AEoI), they added. Large Taxpayers Unit (LTU) Karachi summoned around 100 people from Sindh Region to appear...

BankThink AML enforcement needs more whistleblowers

In recent weeks, major anti-money-laundering enforcement actions have highlighted the critical role of whistleblowers in government efforts to curb illegal movement of funds. The German raids of Deutsche Bank, U.S. indictments of three employees and a client of Panamanian law firm Mossack Fonseca, and an earlier Danske Bank money-laundering investigation...