Banks start sharing information with FBR

ISLAMABAD: Banks have agreed to share information of accountholders through a solution developed by IT department of the Federal Board of Revenue (FBR), a spokesman said on Thursday.

The spokesman said that the FBR and Pakistan Banks Association (PBA) have agreed on information sharing under Section 165 and Section 165A of Income Tax Ordinance, 2001.

It is agreed that banks will provide information to the FBR regarding cash withdrawal, deposits, payment through credit card and profit on debt.

The spokesman said that the solution would help the banks to instantly provide relevant information to the FBR.

The banks have agreed to provide information to the FBR through IT solution from September 18, 2020.

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