Pakistan Approves Finance Act 2016/17 including CbC Reporting

On 24 June 2016, Pakistani President Mamnoon Hussain signed into law Finance Act for 2016/17, which includes a number of measures of the 2016/2017 Budget ({News-2016-06-06/P/4- previous coverage}). One of the major changes is the introduction of three-tiered documentation requirements based on Action 13 of the OECD BEPS Project.

Although details in the Finance Act are limited, the requirements include that any taxpayer that has entered into related party transactions must maintain:

• A Master…