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Govt to explore possibility of agreement with US-IRS

Govt to explore possibility of agreement with US-IRS

ISLAMABAD: A meeting between working group on Foreign Account Tax Compliance Act (FATCA) and officials of State Bank of Pakistan, Federal Board of Revenue, Securities and Exchange Commission of Pakistan and others would be held on March 19 at the Finance Division.

The purpose of the meeting will be to explore possibility for inking an inter-governmental agreement with the United States Inland Revenue Service (US-IRS) under FATCA. The meeting is in connection with the earlier FATCA meeting held on March 6, 2014.

FATCA is a US law which mandates foreign financial institutions to divulge particulars of the US citizens holding bank accounts in such institutions.