Pakistani Banks To Share Customers’ Data with FBR

FBR Pakistan1Islamabad: Pakistan’s all banks have legally mandated that the account’s data should be share with Federal Board of Revenue (FBR), according to sources; the members of the government decision-makers are also suggested to increase the tax net at all public affairs in which CNIC must be collected issued by the NADRA.

To share data with FBR be compulsory, since the passage of the law, all banks accounts sent data to the FBR data ware house and thus no one get the chance to hide their wealth. Legislation in this regard is expected soon as the Federal Board of Revenue (FBR) has again become relatively active in looking for inquiry into the bank accounts of individuals and other entities.

The FBR is active and seems determined to apply this extent despite the repeated assertions of the business community that such an action would have a negative impact on the economy. It would also endorse black economy and people would be forced to keep their savings either in gold, bond schemes or cash.  According to the latest SRO 115/1/2014 delivered by the FBR, every bank will be mandatory to submit to the Board a monthly account holders deposits statement of those who have deposited Rs 1 million or above in a month.

Senator Hamayun Mandokhel also condemned the proposal and claimed that FBR officials would annoy account holders if given the power to do so. “Access to accounts will be used discretely by the FBR and field formations will not have access to these accounts,” said Ansar Javed, chairman of the FBR, clarified.

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