The Federal Board of Revenue (FBR) and the Pakistan Banks Association (PBA) have finally reached an agreement on the implementation of Sections 165 and 165A of the Income Tax Ordinance 2001.
The two institutions have agreed to provide information to the FBR under Section 165 and Section 165A regarding withdrawals, deposits, credit card payments and loan profits through IT solutions developed by the IT team of FBR.
This technical solution will connect the banks through which the banks will immediately share the relevant and required information with the FBR. Banks have agreed to exchange information with the FBR from September 18, 2020.
By using this IT solution developed by the FBR’s IT team banks will bound to provide the information to the FBR. It may be recalled that Dr. Ishrat Hussain, Advisor to the Prime Minister on Institutional Reforms, has played a vital role in resolving this long-standing issue between the FBR and banks.
