ISLAMABAD: Every bank will have to submit to FBR a monthly Account Holders Deposits Statement of persons depositing Rs 1 million or above in a month.
FBR has issued SRO.1035(I)/2013 to propose amendments to the Income Tax Rules, 2002 for issuance of the ”banking companies reporting requirements”.
The draft will be taken into consideration by FBR after seven days of its publication in the official gazette. Any objection or suggestion, which may be received from any person, in respect of the said draft before the expiry of the aforesaid period, shall be considered by FBR.
As per draft rules, the information may not be provided by the banking company officer in respect of a person who holds National Tax Number and has also filed return of income for the immediately preceding tax year.
FBR has also proposed that the banks shall provide information under section 165A of the Income Tax Ordinance through Account Holders Deposits Statement, Credit Card Payments Statement, Written-Off Loans Statement, currency transactions report and suspicious transactions report.
Under the proposed rules, every bank would furnish to the Board a monthly Account Holders Deposits information of persons who have deposited Rs 1 million or more for immediately preceding calendar month within 7 days of the end of the preceding calendar month. Every bank shall furnish to the Board a monthly Credit Card Payments Statement regarding information of persons, who have made credit card payment of Rs 100,000 or more for immediately preceding calendar month within 7 days of the end of the preceding calendar month.
FBR has also proposed that every banking company officer shall furnish to the Board an annual Written-off Loans Statement about loans written-off exceeding Rs 1 million or more during the year.
Moreover, FBR has also proposed that every banking company officer shall furnish to the Board a copy of each currency transactions report and suspicious transactions report generated by it, at the time it is submitted to the Financial Monitoring Unit under the Anti-Money Laundering Act, 2010.