{"id":69676,"date":"2020-08-26T15:48:01","date_gmt":"2020-08-26T10:48:01","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=69676"},"modified":"2020-08-26T15:48:03","modified_gmt":"2020-08-26T10:48:03","slug":"fbr-shares-procedure-of-financial-information-to-be-shared-by-banks","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-shares-procedure-of-financial-information-to-be-shared-by-banks.html","title":{"rendered":"FBR shares procedure of financial information to be shared by banks"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) on Monday notified the procedure for getting information from banks regarding account holders\u2019 credit cards, deposits and cash withdrawal details \u2013 every month or as required by the authority, according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/ministry-finance-gears-fbr-reforms.html\" target=\"_blank\" rel=\"noreferrer noopener\">Ministry of Finance gears up for FBR reforms<\/a><\/p>\n\n\n\n<p>As per the SRO 773, the banks are now legally obligated to provide particulars of account holders and profit on debt information. The Income Tax Ordinance has been amended through the Finance Act 2020, to conform with the Financial Action Task Force (FATF) recommendations.<\/p>\n\n\n\n<p>Following are the details of the account holders\u2019 that banks will be offering to the tax authority:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Computerised National Identity Card (CNIC)<\/li><li>National Identity Card for Overseas Pakistanis (NICOP)<\/li><li>Account Holder\u2019s Name<\/li><li>Title of account<\/li><li>Address<\/li><li>Profession\/business\/occupation of the account holder<\/li><li>Passport number<\/li><li>National Tax Number (NTN)<\/li><\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-promises-resolve-key-taxation-issues-promote-growth.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR promises to resolve key taxation issues to promote growth<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Resident\/non-resident status<\/li><li>Telephone number<\/li><li>Account opening date<\/li><li>International bank account number (IBAN)<\/li><li>Amount of cash deposited during a month<\/li><li>Amount of cash withdrawal during a month<\/li><li>Amount of tax deducted<\/li><\/ul>\n\n\n\n<p>Moreover, each bank officer will furnish an annual profit on debt statement to the FBR for the immediately preceding calendar within three months of the year bed.<\/p>\n\n\n\n<p>The FBR has also directed the <a href=\"https:\/\/www.zameen.com\/news\/fbr-amends-income-tax-rules-obtain-account-holders-information.html\" target=\"_blank\" rel=\"noreferrer noopener\">banks<\/a> to maintain records of steps undertaken and evidence relied upon for the due diligence procedures to get these records \u2013 for a duration of five years. The annual domestic reporting date for the banks shall be May 31 of each year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) on Monday notified the procedure for getting information from banks regarding account holders\u2019 credit cards, deposits and cash withdrawal details \u2013 every month or as required by the authority, according to news sources. Read: Ministry of Finance gears up for FBR reforms As per the SRO 773, the banks are now legally obligated to provide particulars of account holders and profit on debt information. The Income Tax Ordinance has been amended through the Finance Act 2020, to conform with the Financial Action Task Force (FATF) recommendations. Following are the details of the account holders\u2019 that banks will be offering to the tax authority: Computerised National Identity Card (CNIC) National Identity Card for Overseas Pakistanis (NICOP) Account Holder\u2019s Name Title of account Address Profession\/business\/occupation of the account holder Passport number National Tax Number (NTN) Read: FBR promises to resolve key taxation issues to promote growth Resident\/non-resident status Telephone number Account opening date International bank account number (IBAN) Amount of cash deposited during a month Amount of cash withdrawal during a month Amount of tax deducted Moreover, each bank officer will furnish an annual profit on debt statement to the FBR for the immediately preceding&hellip;<\/p>\n","protected":false},"author":75,"featured_media":61403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[17587,33954,37768,19230,37769],"persona":[],"class_list":{"0":"post-69676","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-cnic-condition","9":"tag-fatf-requirements","10":"tag-fbr-shares-procedure-of-financial-information-to-be-shared-by-banks","11":"tag-federal-board-of-revenue-fbr","12":"tag-income-tax-ordinance","13":"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>FBR shares financial information to be shared by banks - Zameen News<\/title>\n<meta name=\"description\" content=\"FBR notified the procedure for getting information from banks regarding account holders\u2019 credit cards, deposits and cash withdrawal details\" \/>\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\/fbr-shares-procedure-of-financial-information-to-be-shared-by-banks.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR shares financial information to be shared by banks - Zameen News\" \/>\n<meta property=\"og:description\" content=\"FBR notified the procedure for getting information from banks regarding account holders\u2019 credit cards, deposits and cash withdrawal details\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-shares-procedure-of-financial-information-to-be-shared-by-banks.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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