In the first step in this regard, the Federal Board of Revenue (FBR) has asked all commercial banks to write a letter to account holders whose deposits are Rs 500,000 or more and make it sure that these accounts are not benami.
Sample of this letter has also been drafted by FBR which will be written to all account holders. Banks have been directed to provide the data of withholding tax deducted from accounts of clients who are not filing income tax returns.
These directions were issued after a meeting of the FBR chairman with chief financial officers of all commercial banks.
According to details of the meeting, the FBR chairman emphasised that in the backdrop of FATF requirements, it was imperative that banks must abide by the Know Your Customer (KYC) requirements and help their customers.
The banks have been directed to provide the data of withholding taxes in the first stage. The FBR chairman assured the banks of confidentiality in handling and managing such information and data. As agreed, banks will provide the data of withholding taxes from January 2018 to onwards with CNICs of the customers to FBR by June 17, 2019.
Further, the FBR chairman said that under the Benami Transaction (Prohibition) Act, 2017, such business could not continue as usual. “We have to act fast in accordance with needs of the country. The banks should act fast without causing any problem/panic/disturbance to their customers,” he said.
The FBR chairman also highlighted that the Assets Declaration Scheme 2019 is a window of opportunity through which problems can be addressed effectively.
The Punjab government has initiated implementation of a comprehensive strategy to combat environmental pollution and…
Punjab Chief Minister Punjab Maryam Nawaz Sharif has approved a scheme to provide three-marla plots…
The Islamabad Capital Territory (ICT) Police on Saturday apprehended seven criminals involved in various illegal…
Deputy Commissioner Larkana Dr. Sharjeel Noor Channa has inaugurated the 7th Agricultural Population Census. The…
Punjab's Information Minister Azma Bokhari has accused the Pakistan Tehreek-e-Insaf (PTI) of arming activists and…
Parliamentary Secretary for Information and Broadcasting, Barrister Daniyal Chaudhry, blasted PTI's political decline, saying Bushra…
Leave a Comment