Pakistan, Dec. 18 -- Switzerland has turned down Pakistan's request to share five-year-old tax information when it starts sharing the data in September 2021.

The refusal has minimized the chances of the Imran Khan-led PTI government for a significant financial recovery. Under the Automatic Exchange of Information, the Swiss government says it will only share the data as much as two years old when the treaty comes into effect in 2021.

As per the Federal Board of Revenue (FBR) officials, Pakistan will get the details of bank accounts for 2020 and onwards.

This means that the country will lose its prospects to recover a large amount of black money stashed in Swiss accounts before 2018.

When the two countries began a discussion to sign a ...