Pakistani banks agree to share all relevant information with FBR in real-time

As per this settlement, the banks will start sharing all relevant information with The FBR from the 18th of September 2020.

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On Thursday, the Federal Board of Revenue (FBR) issued a press release which stated:

FBR and Pakistan Banks Association (PBA) have finally agreed on the implementation modalities of Section 165 and 165A of the Income Tax Ordinance, 2001.

As per this settlement, the banks will start sharing all relevant information with The FBR from the 18th of September 2020.

This information will include cash withdrawals, deposits, credit card payments, and profit on debt details.

The relevant information will travel from the banks to the board in real-time via an IT interface solution developed by the FBR.

The press release further stated:

Adviser to Prime Minister on Austerity and Institutional Reforms, Dr. Ishrat Hussain, played a crucial role in ironing out the long outstanding issues between FBR and banks.

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