The Federal Board of Revenue (FBR) will place safeguard measures to ensure confidentiality of data including cross-matching and monitoring of the information received under exchange of information with OECD member countries. According to a notification issued by the FBR here on Wednesday, in continuation to FBR earlier notification no 2620-IR-I/2016 dated 28th October, 2016 the Secretary Revenue Division/Chairman FBR has approved the nomination of Zainul Abideen Sahi, Chief (Information Technology), FBR as member of the AEOI Pilot Project team.

Zainul Abideen Sahi shall perform the following functions in relation to the pilot project and automatic exchange of information: Firstly, measures related to data safeguards in the data centre and AEOI units. Secondly, preparation for the upcoming OECD assessment of the FBR on confidentiality and data safeguards and ISO 27001 certification. Thirdly, procurement of Third Party CRS - complaint software for automatic exchange of information.

Fourthly, assisting financial institutions in IT matters. Fifthly, designing of the systems for sorting, cross-matching, disseminating and monitoring of the information received and any other matter related to the pilot project and automatic exchange of information, the notification added. Sources said the FBR had approved a project team to execute the project for exchange of information with OECD member countries. The FBR was actively working on the implementation of the remaining steps under the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which Pakistan became a signatory to in September 2016. All formalities to sign the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA), which is one of the remaining steps to be implemented under the said OECD Multilateral Convention, are almost complete.

Copyright Business Recorder, 2017