Islamabad: The Federal Board of Revenue (FBR) and the Pakistan Banking Association (PBA) have reached an accord regarding modalities for sharing the data of money depositors, according to a news source published on September 25.
Reportedly, the FBR stated that its long-standing issues with the PBA had now been resolved. The two organisations have agreed on sharing data as per the modalities defined in Section 165 and 165A of the Income Tax Ordinance, 2001. Under the aforementioned regulations, the banks are expected to report deposits, cash withdrawals, credit card payments, profit on debt, and other related details of depositors to the FBR.
Additionally, an online interface will be provided to the banks by the authorities, through which the banks will be able to share the required information with the FBR in real-time. The depositors’ data will be shared with the FBR by using an interim IT solution, starting from September 18.
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