Wednesday, 30 November 2022
Trending
TAXATION

Banks agreed to provide data to FBR regarding withdrawals, deposits, credit card payments and loan

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.

Online-Tax-Course
Ads:

Top-Tax-Consultants-Lahore-Pakistan-Global-Tax-Consultants-Tax-News-FBR
A d v e r t i s e m e n t


Related posts
TAXATION

What is the New Tax Deadline for 2022 Pakistan

Table of Contents What is the New Tax Deadline for 2022 PakistanWhich Persons are Required to File…
Read more
TAXATION

Will FBR Extend the Last Date to file Income Tax Returns

Table of Contents Will FBR Extend the Last Date to file Income Tax Returns?FBR extended date of tax…
Read more
TAXATION

What RTO Lahore achieved in Tax Returns and Revenue

Table of Contents What RTO Lahore achieved in Tax Returns and Revenue What RTO Lahore achieved in…
Read more
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.