{"id":60104,"date":"2020-01-20T09:37:05","date_gmt":"2020-01-20T09:37:05","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=60104"},"modified":"2020-01-20T10:28:12","modified_gmt":"2020-01-20T10:28:12","slug":"banks-share-transaction-details-with-fbr","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/banks-share-transaction-details-with-fbr.html","title":{"rendered":"Banks to share transaction details with FBR"},"content":{"rendered":"\n<p>Karachi: Commercial banks across the country will now be required to share the details of financial transactions (recorded during the first half of FY 2019-20) with the Federal Board of Revenue (FBR) by the end of the current month (January) \u2013 under an <a href=\"https:\/\/www.zameen.com\/news\/banks-agree-share-account-holders-details-with-fbr.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"agreement (opens in a new tab)\">agreement<\/a> signed between the taxation agency and the Pakistan Bankers Association (PBA) on November 27, 2019, according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-intensify-operation-against-tax-evaders.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"FBR to intensify operation against tax evaders (opens in a new tab)\">FBR to intensify operation against tax evaders<\/a><\/p>\n\n\n\n<p>The\ntwo institutions had announced their decision to check suspected undocumented\nmoney trails circulating through banking channels. Under this agreement, the\ntax authorities will have access to real time transactions made through the\nbanks. Moreover, details of accountholders (national identity card number, name\nand addresses) and their cash withdrawals, deposits and credit\/ debit card\ntransactions information will also be provided to the FBR.<\/p>\n\n\n\n<p>According to the officials at Karachi\u2019s Large Taxpayers Unit (LTU), FBR will be able to detect large number of potential taxpayers, while sifting through this data. They added that banking transactions\u2019 volume has increased multi-fold during the last few years.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-chairman-sends-another-letter-to-banks-for-account-details.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"FBR Chairman sends another letter to banks for account details (opens in a new tab)\">FBR Chairman sends another letter to banks for account details<\/a><\/p>\n\n\n\n<p>The State Bank of Pakistan\n(SBP)\u2019s payment system review shows that transactions made during FY 2018-2019\naccumulated to PKR 603 trillion, as compared with PKR 559 trillion transaction\nsum of the preceding year, overall showing a spike of 8%.<\/p>\n\n\n\n<p>Previously, the FBR has launched\nprovisions regarding information of payments made electronically; considering\nthe increase in credit\/ debit card transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: Commercial banks across the country will now be required to share the details of financial transactions (recorded during the first half of FY 2019-20) with the Federal Board of Revenue (FBR) by the end of the current month (January) \u2013 under an agreement signed between the taxation agency and the Pakistan Bankers Association (PBA) on November 27, 2019, according to news sources. Read: FBR to intensify operation against tax evaders The two institutions had announced their decision to check suspected undocumented money trails circulating through banking channels. Under this agreement, the tax authorities will have access to real time transactions made through the banks. Moreover, details of accountholders (national identity card number, name and addresses) and their cash withdrawals, deposits and credit\/ debit card transactions information will also be provided to the FBR. According to the officials at Karachi\u2019s Large Taxpayers Unit (LTU), FBR will be able to detect large number of potential taxpayers, while sifting through this data. They added that banking transactions\u2019 volume has increased multi-fold during the last few years. Read: FBR Chairman sends another letter to banks for account details The State Bank of Pakistan (SBP)\u2019s payment system review shows that transactions made during FY&hellip;<\/p>\n","protected":false},"author":75,"featured_media":59990,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[15119,15120,15122],"persona":[],"class_list":{"0":"post-60104","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-details-on-banks-to-share-transaction-details-with-fbr","9":"tag-pakistan-bankers-association","10":"tag-pba","11":"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 to share transaction details with FBR - Zameen News<\/title>\n<meta name=\"description\" content=\"Commercial banks across the country will now be sharing the details of financial transactions (recorded during the first half of FY 2019-20) with the FBR.\" \/>\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-share-transaction-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 to share transaction details with FBR - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Commercial banks across the country will now be sharing the details of financial transactions (recorded during the first half of FY 2019-20) with the FBR.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/banks-share-transaction-details-with-fbr.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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