Tuesday, 28 May 2024
Trending
banks-data-to-fbr-it-system
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


See also  No representation without taxation
Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: