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