Banks to provide details of persons receiving profit on debt

Banks to provide details of persons receiving profit on debt

ISLAMABAD: Banks will provide certain information of persons receiving profits on their deposits to the Federal Board of Revenue (FBR) after amendment in the tax rules, sources said on Monday.

The sources said that the banks will provide details of depositors receiving profit on debt, including name, CNIC, most recent particulars including address, amount of profit on debt during the year, tax deducted etc.

The banks are required to provide information of persons receiving profit on debt exceeding Rs500,000 during the financial year.

According to the FBR, every banking company officer, shall file electronically on FBR’s web portal the Account Holders Deposits Statement and Credit Card Payments Statement and Cash Withdrawal Statement as specified in Form „A‟ and Form ‘B’ respectively, for immediately preceding calendar biannually.

Every banking company officer shall furnish to the Board an annual Written off Loans Statement as specified in Form „C’ for immediately preceding calendar year within three months of the end of the preceding calendar year.

Every banking company officer, shall furnish to the Board a copy of each currency transactions report and suspicious transactions report generated by it at the time it is submitted to the Financial Monitoring Unit under the Anti-Money Laundering Act, 2010 (VII of 2010).

Every banking company officer, shall furnish to the Board any information and documents in addition to those mentioned in sub-rules (1) to (3) within the time allowed by the Board.

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