Http://tribune.Com.Pk/story/812767/finding-new-taxpayers-fbr-wins-access-to-banks-database/
What do you guys say? Banks will notify FBR of accounts having 1 million or more funds on a monthly basis. Any banker/FBR person here to guide us and how to deal with this issue?
What can be the effects on property market and the way people will carry out deals?
I am not the banker. But I think all this is a threat. Threat looming over is more effective than actual action. As far as I know, last tenure of this govt never gave notices to business community just on the basis of balance.
They aleady imposed a lot of taxes on property and all assett purchase which signifies that they do not intend to go into complicated practice of going into trivial details of income tax.
My opinion. I can be absolutel wrong.
Malik Sb aj kal nayi gari lene par bhi FBR letters ghar bhejta hai and I think you need an NTN for buying a new car… You cant even buy a new car without tension… I think lists will be made monthly by the banks and sent to FBR which will then send letters to people accordingly… I think banks will go for an appeal in the SC because their clients will be very unhappy with this development.
Bank will only inform FBR for the transaction of 1 million or more not the balance.
Those who are not filing income tax returns will be in problem.
Nothing is going to happen.
Deduct tax and facilitate us with nothing.
So now the competency of this gov is reduced to that shepherd ,who wants to ride something,in order to punish the hordes of foxes depleting his herds, and in doing so selected turtles for the jobs.
THE big belly lover bankers will now obediently notify the rich taxable foxes to gov ,and gov will tax them then.
WHAT THE hell of affairs going on, it just needs 100 sincere officers for 1 month to find out in entire Pakistan all the taxable men and women plus businesses and also to quantify the amount of tax as well, but hold on ,IF I AM SINCERE WHY NOT START SOMETHING FROM MYSELF and then my family ,my relatives and friends ,and then my village ,town and city ,province and country.
WHEN you try to forgive a cat who already has eaten 100 rats,bcz the cat is now having a title of HONORABLE HAJI sab, BUT YOU BRING a poor lamb to be punished with head chopping ,bcz its poor innocent nonviolent obedient lamb,THEN you are either AFLTOON OR BARBARIC MONGOL ,who wants to ride the horse regardless of its will
Game of thrones season four
Yes banks will furnish the required details for January 2015 in February unless the decision is challenged through the supreme court. It has already caused major withdrawals from banks through “smurfing”. If anything, it will only increase the size of the undocumented economy as people will now prefer to keep cash in lockers, and when people hold cash they usually do so in foreign currency, which will increase pressure on rupee also. Bad decision.
NR it is for account balance, not transaction.. Now people cant have more than 1 million balance.. What a joke this is.
Thanks for the info Raza Sb.. I was thinking the same thing.. People will either open many accounts or deal in cash now. Please keep us updated about this issue and help us avoid problems..
I'm sure this will be challenged in Supreme Court as the big fish will not be happy with it.
Don’t eat the rich. Kill us instead.
Whether they get access to bank accounts or not they will still be getting data of withholding tax from sale/purchase of plots. Although the volume of transactions may not allow FBR to follow each and every transaction but those who trade in big name societies should be ready for receiving tax notices, especially those who buy or sell plots of 1 kanal or bigger.
Metro aur roads banao aur tax lagao.. Mazay karo..
Kashif Sb.. When did this thing start? Is it a recent thing? So if people buy in CDA sectors, then details will be automatically given to FBR? This is ridiculous. Sara mulk beth jaega is tarah to..
This tax was a part of the budget for the current year but was implemented only a month or so ago because of non availability of active tax payers list. NTN holders and non NTN holders are taxed at different rates so it is easy to identify the non NTN people from the data. According to my info, FBR will receive the quarterly returns from withholding agents soon and will then start scrutinizing the data to identify non NTN holders, who will then be sent notices. Like I said, it is not guaranteed that everyone will be hit, but those trading big plots in major well known societies are at high risk.
This doesn’t sound good… People should start finding tax lawyers I guess…