ISLAMABAD, Nov 28: Pakistan’s taxation system will undergo peer review process of the Global Forum on Transparency and Exchange of Information for Tax Purposes to make the tax system transparent and fair for all.

The forum is a sub-committee of the Organisation for Economic Cooperation and Development (OECD).

Pakistan qualified for the peer review after it joined the forum last month.

The process encourages all countries to adopt an effective exchange of information in tax matters, OECD said in a statement.

As the 111th member of the forum, Pakistan would now be among the jurisdictions that are directly invited in the international effort to make tax systems worldwide transparent and fair to all, according to OECD.

The Global Forum's peer review process examines both the legal and regulatory aspects of exchange and the exchange of information in practice.

The forum conducts peer reviews of its member jurisdictions’ ability to co-operate with other tax administrations in accordance with the internationally agreed standard.

The aim of forum is to ensure that all jurisdictions adhere to the same high standard of international cooperation in tax matters and governments come together to fight and prevent tax evasion.

Membership of the Global Forum has gradually grown, which highlights the importance of the work being carried out by it over the last few years.

Consistently supported by G-20 leaders, the Global Forum has, since 2010, published 79 peer review reports containing 495 recommendations to help jurisdictions improve their cooperation in tax matters.

As a result, more than half of the countries reviewed have already introduced or proposed changes to their laws.