ISLAMABAD – Chairman Federal Board of Revenue writes important letter tothe heads of the Pakistani Banks.
Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has written a letterto heads of banks, telling them that the tax department needs informationabout their customers through the adoption of special procedures andformats.
The chairman personally thanked the heads in the letter for a productiveand goal-oriented meeting with them on November 27, 2019, held in Karachi.As a result of that meeting, unnecessary litigations pending for a longtime at the high courts have been amicably settled.
The letter says,
We agree with the suggestion of PBA that there should not be anyduplication with respect to the information to be furnished by the banksthrough Section 165 and now operative Section 165A of the Income TaxOrdinance, 2001.
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FBR is looking to issue instructions for furnishing information as requiredunder Section 165 and 165A of the Income Tax Ordinance. The letter adds,
It has been decided at Board level that such information should be askedfor in the manner and form which in line with the systems and proceduresadopted by the bank and FBR, if required will coordinate with you and banksfor designing such formats.
It is further decided that special procedures will be instituted within theFBR information system that such information is used only for the purposesrequired under the law and all the taws and regulations are complied with.
