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FBR proposes monthly banking reports of specific account holders

FBR proposes monthly banking reports of specific account holders

ISLAMABAD: Federal Board of Revenue has proposed that all the banks will provide a monthly account holders’ deposit statements and credit card payments statements of all who have deposited Rs1 million or more and made credit card payment of Rs 100,000 or more in that month, sources said.

They added that persons with National Tax Number (NTN) or having filed income tax returns for the immediately preceding tax year will not be included as subject to these requirements.

According to FBR proposals, the banks will provide information under section 165A of the Income Tax Ordinance through account holders’ deposits statement, credit card payment statements, written-off loans statements and reports of currency transactions and suspicious transactions.

An annual written-off loans statement will be required about loans written off exceeding Rs1 million or more during the year. Every banking company officer will provide a copy of each currency transactions report.