Islamabad: The Federal Board of Revenue (FBR) has issued draft rules under the Finance Act 2020 allowing it to seek data from banks regarding individuals depositing more than PKR 10 million or more within a month, or those who make credit card payments of PKR 200,000 or more on a monthly basis, according to a news source published on August 7.
Reportedly, the government has made amendments to the said Act with the parliament’s approval and is now seeking data of profit on debt and particulars of account holders who withdraw PKR 1 million or more in a month.
Moreover, the revenue board has also asked the banks to provide the account holders’ Computerised National Identity Card (CNIC), National Identity Card for Overseas Pakistanis (NICOP), passport number, National Tax Number (NTN), name, profession, account title, resident/non-resident status, address, phone number, international bank account number (IBAN), account opening date, cash withdrawals in a month, and tax deduction amounts.
Under the revised rules for banks, the said information is required to be furnished – under Section 165-A of the Income Tax Ordinance 2002 – and offered by the reporting bank; in the same manner as highlighted in the account holders’ credit card payments statement, deposits statement, profit on debt statement and cash withdrawal statement.
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