Pakistan: AEOI implementation manual

AEOI implementation manual issued, in order to improve process of compliance by reporting financial institutions

AEOI implementation manual issued

The tax authority issued an Automatic Exchange of Information (AEOI) implementation manual, in order to standardize and improve the process of compliance by reporting financial institutions and provide for the efficient exchange of common reporting standard (CRS) reciprocal data.

The manual is divided into two sections—Pillar A and Pillar B, as described below.

Pillar A—CRS reciprocal data guidelines:

  • Identification of activated partner jurisdictions (Section 1)
  • Incoming CRS data (Section 2)
  • Outgoing CRS data (Section 3)
  • CRS data migration and cleaning (Section 4)
  • CRS data matching (Section 5)
  • Due diligence on unmatched CRS data (Section 6)
  • CRS data dissemination to AEOI zones (Section 7)


Pillar B—Reporting financial institutions compliance guidelines:

  • Registration of financial institutions (Section 1)
  • Voluntary compliance measures (Section. 2)
  • Compliance audit and inspections (Section 3)
  • Risk-based approach (Section 4)
  • Penalties and ensuring compliance (Section 5)
  • Reporting under compliance guidelines (Section 6)

Read a June 2022 report [PDF 486 KB] prepared by the KPMG member firm in Pakistan

 

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