KARACHI: Pakistan and Hungary signed a Convention for the Avoidance of double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income at FBR Headquarters on Tuesday.
According to a press note by FBR, the Article 27 of the Convention deals with Exchange of Information. To incorporate the latest standard of administrative assistance in the extant Convention, Pakistan and Hungary decided to replace the Article on Exchange of Information with the new version through Protocol.
According to the new version of the Article,the Contracting States shall exchange such information on request as is foreseeably relevant for carrying out of provisions of the Convention or to the administration or enforcement of the domestic tax laws of the requesting state
Hungarian Ambassador to Pakistan H.E. Istvan Szabo signed the Protocol on behalf of Government of Hungary, while Dr. Muhammad Ashfaq Ahmed, Member (Inland Revenue Operations)/Additional Secretary inked it on behalf of Pakistan