{"id":58114,"date":"2019-11-29T11:39:52","date_gmt":"2019-11-29T11:39:52","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=58114"},"modified":"2020-01-29T12:33:19","modified_gmt":"2020-01-29T12:33:19","slug":"banks-agree-share-account-holders-details-with-fbr","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/banks-agree-share-account-holders-details-with-fbr.html","title":{"rendered":"Banks agree to share account holders\u2019 details with FBR"},"content":{"rendered":"<p>Karachi: Several major financial institutions have agreed to share the details of their account holders with the tax authorities in the latter\u2019s bid to track undocumented money in the banking channels, according to news sources. Federal Board of Revenue (FBR) Chairman Shabbar Zaidi and the chief executives of these commercial banks reached an agreement in a meeting held on November 27 at the Large Taxpayers Unit (LTU) Karachi.<\/p>\n<p>Previously, the Pakistan Banks Association (PBA) had acceded to withdrawing its petitions filed in the High Courts and had agreed to share account holders\u2019 details under Section 165-A of Income Tax Ordinance 2001. This development will offer real-time transaction information access to the tax authorities.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-initiate-pos-installation-retail-outlets-from-dec-1.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR to initiate POS installation at retail outlets from Dec 1<\/a><\/p>\n<p>Section 165-A makes it mandatory for banks to share the financial transactions details. The said requirement was introduced through the <a href=\"https:\/\/www.zameen.com\/news\/fbr-attempting-to-obtain-financial-transactions-data-banks.html\" target=\"_blank\" rel=\"noopener noreferrer\">Finance Act 2013<\/a>. However, its implementation was postponed until the high court had reached a verdict. The banks filed the petitions for their concern overs their patrons\u2019 privacy.<\/p>\n<p><strong>Read:\u00a0<\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-reforms-implementation-slated-july-2020.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR reforms&#8217; implementation slated for July 2020<\/a><\/p>\n<p>Further, the FBR chairman announced that the said section was amended in 2014, 2018 and recently (through Supplementary Finance Amendment Act, 2019) on the PBA\u2019s recommendations.<\/p>\n<p>The shareable account details would include a list of:<\/p>\n<ul>\n<li>Individuals who withdraw PKR 50,000 on a daily basis<\/li>\n<li>Individuals who withdraw over PKR 1 million on a monthly basis<\/li>\n<li>Individuals who make deposits of PKR 10 million on a monthly basis<\/li>\n<li>Individuals who make credit card payments of PKR 250,000 on a monthly basis<\/li>\n<li>Individuals who receive profit on debt above PKR 500,000 on an annual basis<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: Several major financial institutions have agreed to share the details of their account holders with the tax authorities in the latter\u2019s bid to track undocumented money in the banking channels, according to news sources. Federal Board of Revenue (FBR) Chairman Shabbar Zaidi and the chief executives of these commercial banks reached an agreement in a meeting held on November 27 at the Large Taxpayers Unit (LTU) Karachi. Previously, the Pakistan Banks Association (PBA) had acceded to withdrawing its petitions filed in the High Courts and had agreed to share account holders\u2019 details under Section 165-A of Income Tax Ordinance 2001. This development will offer real-time transaction information access to the tax authorities. Read:\u00a0FBR to initiate POS installation at retail outlets from Dec 1 Section 165-A makes it mandatory for banks to share the financial transactions details. The said requirement was introduced through the Finance Act 2013. However, its implementation was postponed until the high court had reached a verdict. The banks filed the petitions for their concern overs their patrons\u2019 privacy. Read:\u00a0FBR reforms&#8217; implementation slated for July 2020 Further, the FBR chairman announced that the said section was amended in 2014, 2018 and recently (through Supplementary Finance Amendment Act,&hellip;<\/p>\n","protected":false},"author":75,"featured_media":22258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[14189],"persona":[],"class_list":{"0":"post-58114","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-details-on-banks-agree-to-share-account-holders-details-with-fbr","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banks agree to share account holders\u2019 details with FBR - Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: Several major financial institutions have agreed to share the details of their account holders with the tax authorities in the latter\u2019s bid to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/banks-agree-share-account-holders-details-with-fbr.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks agree to share account holders\u2019 details with FBR - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Karachi: Several major financial institutions have agreed to share the details of their account holders with the tax authorities in the latter\u2019s bid to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/banks-agree-share-account-holders-details-with-fbr.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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