S.R.O. 951(I)/2017, Islamabad, the 19th September, 2017

Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information on June 7, 2017 GOVERNMENT OF PAKISTAN REVENUE DIVISION Islamabad, the 19th September, 2017 NOTIFICATION (Income Tax) S.R.O. 951(I)/2017.- WHEREAS, the Islamic Republic of Pakistan became a signatory to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information on June 7, 2017, as set out in the Annexure to this notification (The Agreement); NOW;, THEREFORE, in exercise of the powers conferred by sub-section (1) of section 107 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the provisions of the said Agreement, in terms of its Section 7 of the Agreement shall come into effect between two Competent Authorities on the later of the following dates, namely:- (i) the date on which the second of the two Competent Authorities has provided notification to the Co-ordinating Body Secretarial under paragraph 1, including listing the other Competent Authority's Jurisdiction pursuant to sub- paragraph 1(f) of the Agreement; and (ii) the date on which the Convention has entered into force and is in effect for both jurisdictions. Whereas, the Jurisdictions have, or are expected to have, in place by the time the first exchange takes place (i) appropriate safeguards to ensure that the information received pursuant to this Agreement remains confidential and is used solely for the purposes set out in the Convention, and (ii) the infrastructure for an effective exchange relationship (including established processes for ensuring timely, accurate, and confidential information exchanges, effective and reliable communications, and capabilities to promptly resolve questions and concerns about exchanges or requests for exchanges and to administer the provisions of Section 4 of this Agreement); Whereas, the Competent Authorities of the jurisdictions intend to conclude an agreement to improve international tax compliance based on automatic exchange pursuant to the Convention, without prejudice to national legislative procedures (if any), respecting EU law (if applicable), and subject to the…