KARACHI: Banks have agreed to reveal details of their account holders to tax authorities in a deal to check suspected undocumented money in the banking channels.
The agreement was reached in a meeting between Chairman FBR, Shabbar Zaidi and CEOs of commercial banks under which banks have agreed to withdraw their petitions from the High Courts by next week and have agreed to provide account holders information under section 165A (of the Income Tax Ordinance, 2001).
This will enable the FBR to access real-time information of transactions made through the banking system. The information includes a list of persons making cash withdrawal of PKR 50,000/day or over PKR 1Mn/month, deposits of PKR 10Mn/month, credit card payment of PKR 250,000/month and details of persons receiving profit on debt above PKR 500,000/year.
Under Section 165A, banks are responsible for providing details of financial transactions made by their account holders to FBR. Sources quoted Zaidi as saying that Section 165A was amended in 2014, 2018 and recently through Supplementary Finance Amendment Act, 2019 on PBA’s recommendations.
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