KARACHI: Federal Board of Revenue (FBR) has asked financial institutions to provide details of their account holders by May 31, 2019 for the purpose of automatic exchange of information with OECD member countries.
In a notice sent to Pakistan Stock Exchange (PSX), the FBR said that as per section 165(B) and 107(1) of Income Tax Ordinance, 2001 and other applicable domestic laws and rules related to Automatic Exchange of Information (AEOI), the Reporting Financial Institutions are required to obtain and maintain certain information about their account holders in accordance with the CRS Rules notified by FBR through SRO166(I)/2017 on March 15, 2019, which has to be reported to FBR on an annual basis on May 31 of every year.
The FBR said that reports from RFIs are due on May 31, 2019. In this regard the FBR asked the stock exchange to direct the RFIs that report to or are under the control of the stock market to ensure timely compliance as per law and rules.
The FBR warned that in case of failure the RFIs would be penalized under Section 182 of the Income Tax Ordinance, 2001.