Banks to share customers’ real-time data with FBR

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The Federal Board of Revenue (FBR) and Pakistan Banking Association (PBA) have finalized modalities for sharing the depositors’ data.

The FBR on Thursday claimed officially that this long-awaited issue had been resolved. An official statement said the FBR and Pakistan Banks Association (PBA) had finally agreed on implementation modalities of Section 165 and 165A of the Income Tax Ordinance, 2001.

The banks will start providing information in respect of cash withdrawals, deposits, credit card payments and profit on debt to the FBR u/s 165 and 165A of the Income Tax Ordinance, 2001 throughIT solution developed by the FBR.