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November 6, 2018

FBR drafts rules to make banks report non-filers’ profit’

Business

November 6, 2018

KARACHI: The Federal Board of Revenue (FBR) has drafted rules making banks responsible to provide details of non-filers receiving Rs500,000 as annual profit on their deposits.

The FBR on Monday issued SRO 1321(I)/2018 to issue the draft rules regarding reporting by banks on filers and non-filers deriving income from their deposits. It also asked banks to provide information of filers, who were receiving profit on debt up to Rs1 million in a financial year. Tax officials said the changes had been brought to detect tax evaders, who had parked their undeclared money in the banking system. The revenue body asked the banks to provide information such as the name, CNIC, address, amount of profit on debt, tax collected, etc. FBR officials said these changes were brought through Finance Supplementary (Amendment) Act, 2018 and rules were needed to implement the law.

The FBR also withdrew the requirement of information by banks, including currency transactions report, suspicious transactions report, and details of any information or data through online access to central data base of the banking company.

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