On 7 June 2017, the OECD announced that Pakistan signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA). About 70 countries have signed this Multilateral Instrument (MLI) agreement at the OECD Centre in the presence of Secretary-General OECD at the same time. According to the MCAA signatories, Pakistan intends to launch the first information exchange in September 2018.
The Pakistani ambassador said that Pakistan will now be part of the global effort to develop solutions to bridge gaps in the tax treaties that will allow companies to artificially shift to low or no tax havens. In addition, Pakistan will also receive consistent support and guidelines from the OECD to implement the standards of BEPS to counter harmful tax practices and tax treaty abuses.
