FBR direct banks to bar transactions above $ 50,000

FBR direct banks to bar transactions above $ 50,000
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Federal Board of Revenue (FBR) has directed banks to bar transactions which are equal to or more than $50,000 from actual payable amount before implementation of international agreement pertaining to exchange of information about bank accounts and tax data.

The move is aimed at curbing flow of foreign exchange from Pakistan.

Likewise, FBR has further ordered banks to submit final statements of all financial accounts of companies equal to or less than USD 250,000 by December 31, 2017.

Revenue and tax watchdog has also instructed banks and financial institutions to recompile trading data in money market which includes checks, treasury bills, saving certificates, moveable and immovable assets details, foreign direct investment, portfolio investment, shares of listed companies in equity markets, bonds, commodity swaps, insurance contracts, annuity contracts, pension funds and transactions of credit cards.

Officials of FBR believed Pakistan would be able to immediately exchange information with friendly countries after completion of said directives.

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